Update, Horse Hill-1, Weald Basin UK

RNS Number : 0476S

UK Oil & Gas Investments PLC

18 September 2014

 



For Immediate Release

18 September 2014

UK Oil & Gas Investments PLC

("UKOG" or the "Company")

Update, Horse Hill-1, Weald Basin UK

UK Oil & Gas PLC (AIM: UKOG) today confirms that drilling operations on the Horse Hill-1 well are continuing as planned with the 20-inch surface casing having been set successfully at 84 feet below ground level.  Operations are continuing at the site and further news will be issued as appropriate.

The Company is also pleased to confirm that Magellan Petroleum Corporation ("Magellan") have now confirmed that they will not proceed with their option to acquire additional logs beyond those required for the conventional targets in the Horse Hill-1 well. This will assist Horse Hill Developments Ltd ("HHDL") to complete the well on schedule in about six weeks.

Additionally, the original binding agreements previously put in place for UKOG to own a 20% interest in HHDL have been converted to a definitive Investment Agreement confirming the Company owns 20% of HHDL. UKOG has an additional 2.4% interest in HHDL by virtue of its 6% ownership in Angus Energy Limited ("Angus Energy"). Angus Energy owns 40% of HHDL.

HHDL is a special purpose company that owns a 65% participating interest and operatorship of onshore licences PEDL137 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 with a 35% interest.

David Lenigas, the Company's Chairman, commented:

"I am please to have been appointed as the Chairman of Horse Hill Developments Ltd, to lead and represent the interests of all consortium members in this promising conventional oil and gas well. I am particularly pleased with the support we have received from our partners, government authorities and the local community."

"We remain on track, as planned, in advancing the well towards the conventional oil targets in the Jurassic and we anticipate an exciting few weeks ahead."

For further information, please contact:

UK Oil& Gas Investments PLC David Lenigas / Donald Strang	Tel: [phone]
Beaumont Cornish (Nominated Adviser) Roland Cornish / Michael Cornish	Tel: [phone]
Hume Capital Securities PLC (Corporate Broker) David Lawman	Tel: [phone]
Square 1 Consulting (Public Relations) David Bick/Mark Longson	Tel: [phone]

-ENDS-

 

END

 

 

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