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(Alliance News) - UK Oil & Gas PLC on Wednesday said it has paid the final deferred sum for the acquisition of the Horse Hill field in Surrey.
Last August, UKOG announced the purchase of Magellan Petroleum UK Investment Holdings Ltd from Tellurian Investments LLC for GBP12 million, of which GBP8 million was upfront, GBP5 million in cash and GBP3 million in shares.
The deferred consideration of GBP4 million was all to be made in shares.
UKOG has now paid the final GBP1 million of that, issuing 255.1 million new shares to Tellurian.
Magellan owns 35% of the Horse Hill discovery, which includes the PEDL137 and PEDL246 licences. The acquisition took UKOG's stake to 86%. Alba Mineral Resources PLC owns 12%.
Horse Hill was granted a full long-term production consent by the UK Oil & Gas Authority in the middle of March.
UKOG shares were 0.5% higher on Wednesday afternoon in London at 0.38 pence each.
By George Collard; georgecollard@alliancenews.com
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