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LONDON (Alliance News) - UK Oil & Gas Investments PLC on Thursday said the material preconditions to its acquisition of the 300 square kilometre Weald Basin licence PEDL234 have been met and escrow completion is expected to be announced on Friday.
The acquisition was first announced on June 13, and at the time UK Oil & Gas had said that for the acquisition to complete, it needed to extend the licence and receive the usual regulatory approvals from the UK Secretary of State for Energy and Climate Change.
UK Oil & Gas on Thursday said all the preconditions had been met.
The position of the UK Secretary of State for Energy and Climate Change was merged into the role of UK Secretary of State for Business, Energy and Industrial Strategy on July 14, and Greg Clark currently holds the position.
UK Oil & Gas said it expects escrow completion of the acquisition to be announced on Friday.
Shares in UK Oil & Gas closed up 24% at 1.52 pence on Thursday.
By Hannah Boland; hannahboland@alliancenews.com; @Hannaheboland
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