LONDON (Alliance News) - UK Oil & Gas PLC on Monday almost doubled its stake in the "highly prospective" PEDL143 exploration licence, after completing acquisitions of the interests of both Europa Oil & Gas Ltd and Union Jack Oil PLC.
UKOG bought Europa Oil & Gas' 20% stake in the licence, located in the Weald Basin Southern England, for a consideration of GBP300,000 satisfied through the issue of 26.0 million shares.
Furthermore, the company also bought Union Jack Oil's 7.5% interest for GBP112,500 in 9.7 million shares.
Following the acquisitions, UKOG now holds a 67.5% interest in the licence.
Admission of the news shares to trading is expected on Friday, following which UKOG will have 6.08 billion shares in issue.
UKOG shares were trading down 1.3% at 0.96 pence while Europa Oil & Gas shares were down 6.9% at 2.70p and Union Jack Oil shares were 0.3% lower at 0.15p.