16 Feb 2017 08:11
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Don't have an account? Click here to register.UK Oil and Gas ups stake in Horse Hill Developments
Thu, 30th Aug 2018 08:20
(Sharecast News) - AIM-listed investor UK Oil and Gas has upped its stake in the Horse Hill oil discovery via a £4.5m acquisition of fellow AIM-listed firm Solo Oil's interest in the project's operator.UKOG entered into a sale and purchase agreement with Solo to acquire the firm's 15% shareholding in Horse Hill Developments, the operator and 65% interest holder in the Portland and Kimmeridge Limestone oil discovery, as well as the PEDL137 and PEDL246 licences.Upon completion, UKOG will hold a majority 71.9% interest in Horse Hill Developments and a 46.7% beneficial interest in the licences.UKOG revealed the acquisition will be satisfied through the issue of 234.04m new ordinary shares of 1.92p each.Stephen Sanderson, UKOG's chief executive, said: "This further strategic acquisition firmly cements UKOG as the dominant player in the Horse Hill Portland and Kimmeridge oil discoveries and Licences."With the positive Portland test results to date, UKOG, supported by its remaining three coventurers, can now steer the way towards permanent HH oil production in 2019."In order to ensure parity with its recent 7% acquisition of HHDL, UKOG also agreed to issue London-listed players Gunsynd and Primorus Investments a further 2.6m and 6.5m shares, respectively.As of 0820 BST, UKOG shares had lost 2.27% to 4.96p.
More News
17 Oct 2016 09:16
Horse Hill oil developers apply for further 'significant' drilling
(ShareCast News) - UK Oil & Gas and its partners in the Horse Hill Developments (HHDL) company drilling for oil close to Gatwick Airport, have applied for planning permission with Surrey County Council for a further round of drilling. The HHDL group, in which AIM peers Alba Minerals, Doriemus, Gunsy
Read more23 Sep 2016 14:28
Rig contract signed at Solo Oil investment
(ShareCast News) - Solo Oil has announced that it was informed on Friday, by the Ruvuma Petroleum Sharing Agreement operator Aminex, that a rig contract has now been signed for the drilling of the Ntorya-2 appraisal well in the Ruvuma basin. The AIM-traded firm said the Carol 2 drilling rig, which i
Read more16 Sep 2016 12:56
Solo Oil raises fresh funds from institutional investor
(ShareCast News) - Solo Oil succeeded in raising £2.0m from an institutional investor. The explorer sold 1,111,111,111 new shares, which were equal to 15.9% of its issued share capital, at a price 0.18p, which were placed with Epsilon Pty. Proceeds from the placing would be used to fund its Ntorya-
Read more21 Jul 2016 15:04
19 Jul 2016 12:02
Horse Hill oil in place estimates almost trebled
(ShareCast News) - The Horse Hill project in Surrey looks like providing a bonanza for the range of AIM-listed companies involved after a near trebling of oil in place estimates to 22.9m barrels per square mile. As announced in March, the final HH-1 test of the upper Portland pay zone flowed at a co
Read more5 Jul 2016 09:08
Horse Hill miners get lift from two year extension
(ShareCast News) - The Oil and Gas Authority has allowed licences at the Horse Hill development in Surrey to continue for another two years, giving a lift to several AIM-listed miners. Solo Oil, Regency Mines and Alba Mineral Resources all said licences PEDL137 and PEDL246 said the OGA had converted
Read more