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UKOG buys Angus Energy's stake in Horse Hill-1

By BFN News | 07:48 AM | Monday 18 April, 2016


UK Oil & Gas Investments has acquired all of Angus Energy Holdings UK Limited's remaining 7.8% interest in onshore Weald Basin licences PEDL137 and PEDL246. The company says this has significantly increased its net working interest in the licences from 19.968% to 27.3%. The licences, covering an area of 55 square miles, contain the new Horse Hill-1 ("HH-1") Portland sandstone and Kimmeridge Limestone oil discoveries north of Gatwick Airport and which, as previously reported on 21 March, flow tested at a significant 'North Sea-like' commercial aggregate stable dry oil rate of 1688 barrels of oil per day. For a total consideration of GBP1.8 million, the Company will receive Angus's 7.8% beneficial interest in the Licences via the purchase of Angus' remaining 12% shareholding in Horse Hill Developments Limited ("HHDL"). The Consideration, with an effective date of 15 April 2016, is comprised of £1 million in cash and £0.8 million in the form of 43,886,116 UKOG ordinary shares. Furthermore, £200,000 of the cash element will be paid directly by Angus to the Licence Operator, HHDL, to reconcile cash calls for the now completed HH-1 flow test operations. The transaction requires no further regulatory approvals. Story provided by StockMarketWire.com

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