Gunsynd Disposes Of UK Oil & Gas Stake For Almost GBP450,000 (ALLISS)

LONDON (Alliance News) - Gunsynd PLC has sold its entire 0.6% stake in UK Oil & Gas PLC, the company said on Monday.

Natural resources investor Gunsynd has sold 31.2 million UKOG shares at a price of 1.405 pence each, for GBP437,966.

Gunsynd shares were up 5.0% on Monday at 0.023p, with UKOG shares down 1.0% at 1.24p.

Gunsynd was given most of that holding in UKOG last August, when it sold its 2% stake in Horse Hill to UKOG for GBP550,000. Of that, GBP50,000 was in cash and the rest in shares at 1.75p each.

UKOG has a number of UK assets, including the 'Gatwick Gusher' at Horse Hill.

UKOG holds 78% of Horse Hill Developments Ltd, which holds 65% of Horse Hill, after buying out both Gunsynd and Primorus Investments PLC.