RE: The Chuckle Brothers wont like this.16 Oct 2023 12:31
Perhaps you should have posted this.
"28 Mar 2023 07:37
RNS Number : 4423U
UK Oil & Gas PLC
28 March 2023
UK Oil & Gas Plc
("UKOG" or the "Company")
Horse Hill Farmout
UK Oil & Gas PLC (London AIM: UKOG) is delighted to announce that its subsidiaries UKOG (137/246) Ltd (UKOG 100% interest) and Horse Hill Developments Ltd ("HHDL", UKOG 77.9% interest) have executed a conditional binding term sheet ("Agreement") with LSE main board listed Pennpetro Energy plc ("PPP"), whereby PPP will farm-in to the Horse Hill Oil Field ("Horse Hill") on an incremental production basis via funding the acquisition of 3D seismic and the drilling of the next infill production well. UKOG holds an 85.635% net interest in Horse Hill and the surrounding 142.9 km² PEDL137 and PEDL246 licences ("Licences") located about 2 km north of Gatwick airport.
Farmout Highlights:
· PPP to fund 100% of a new crestal infill production well, designated Horse Hill-3 ("HH-3"), to be spudded after the completion of a PPP 100% funded ~12 square km high-definition 3D seismic survey (the "Farmout Programme"), subject to an aggregate cap of £4.6 million."