LONDON (Alliance News) - UK Oil & Gas Investments PLC on Friday said it has further increased its interest in the Horse Hill prospect in the UK with the acquisition of a stake from Danadav Investments Ltd.
UK Oil & Gas will buy an additional 2% stake in Horse Hill Developments Ltd, the operator of the licence, from Danadev for GBP352,000, which will be satisfied via the issue of 44 million shares in UK Oil & Gas at 0.8 pence per share.
Shares in UK Oil & Gas were up 6.2% to 0.834 pence on Friday morning, one of the best performers in the AIM All-Share.
Horse Hill Developments owns a 65% stake in the Horse Hill prospect, in the Weald Basin in the UK, with the other 35% held by Magellan Petroleum Corp.
The new deal brings UK Oil & Gas's total stake in Horse Hill Developments to 30%, adding to the 8% stake it acquired from Angus Energy on Monday for GBP580,000 in cash.
On Thursday, Alba Mineral Resources increased its own stake in Horse Hill Developments to 10% after acquiring a further 5% stake in the company from Regency Mines PLC.
Doriemus PLC, Stellar Resources PLC and Solo Oil PLC each hold 10% stakes in Horse Hill Developments, with the balance still held by Angus Energy, a company in which UK Oil & Gas has a 6% stake.
By Sam Unsted; samunsted@alliancenews.com; @SamUAtAlliance
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