Last checked at 9 Mar 2015 07:00
9 March 2015
UK Oil & Gas Investments PLC
("UKOG" or the "Company")
UKOG increases its interest in Horse Hill, Weald Basin, UK.
London listed UK Oil & Gas Investments PLC (LSE AIM: UKOG) is pleased to announce it has increased its direct interest from 20% to 28% in Horse Hill Developments Ltd ("HHDL"), the 65% owners and operators of onshore exploration licences PEDL 137 and PEDL 246 (known as "Horse Hill"). The additional 8% interest was acquired from Angus Energy Limited for a cash consideration of £580,000. In addition UKOG also has a 1.32% indirect interest in Horse Hill via its 6% interest in Angus Energy Limited.
UKOG's interest in Horse Hill:
The Horse Hill-1 well is located within onshore exploration License PEDL 137, on the northern side of the Weald Basin near Gatwick Airport. UKOG now owns a 28% direct interest in HHDL. HHDL is a special purpose company that owns a 65% participating interest and operatorship of Licence PEDL 137 and the adjacent Licence PEDL 246 in the UK Weald Basin. The participants in the Horse Hill-1 well are HHDL with a 65% working interest and Magellan Petroleum Corporation with a 35% interest.
For further information please contact:
UK Oil & Gas Investments PLC
David Lenigas / Donald Strang Tel: 020 7440 0640
WH Ireland (Nominated Adviser and Broker)
James Joyce / Mark Leonard Tel: 020 7220 1666
Square 1 Consulting (Public Relations)
David Bick / Mark Longson Tel: 020 7929 5599