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UK Oil & Gas PLC - London-based exploration and production company focused on UK and Turkey - Says the UK North Sea Transition Authority has granted a one-year extension to the PEDL137 retention area work programme at its Horse Hill oil field in southern England until September 30, 2025. Adds that work programme now fully corresponds to the farm-in programme agreed with Pennpetro Energy PLC announced on Monday.
On Monday, Pennpetro and UK Oil & Gas said they have agreed to extend their conditional agreement for Pennpetro to farm-in to the Horse Hill oil field in southern England. The term sheet agreed back in March calls for Pennpetro to earn a 49% stake in incremental production from the project near Gatwick Airport by funding 100% of the cost of conducting a seismic survey and drilling an infill production well, to be called HH-3.
UKOG itself holds an 85.6% net interest in Horse Hill and surrounding licences. Alba Mineral Resources PLC, also a London listing, has an 11.8% effective interest.
Current stock price: 0.025 pence, up 4.2%
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By Sabrina Penty, Alliance News reporter
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