3rd Feb 2014 11:43
LONDON (Alliance News) - UK Oil & Gas Investments PLC Monday said it has bought a 6% interest in UK onshore oil producer Angus Energy Ltd for GBP368,000 in shares, its first investment in the conventional UK onshore oil sector.
Angus Energy owns 70% of the Lidsey oil field in West Sussex and 60% of the Brockham oil field in Surrey. Both are producing fields. It also owns the major interest in Horse Hill Development Ltd, which plans to drill a stacked oil and gas play on another license in Surrey, earning an interest in the site.
UK Oil & Gas will issue 46 million new shares at 0.8 pence each to Stuart Kilnan as payment for the stake.
"This acquisition is an exciting and important step for the Company as it establishes a foothold in on-shore conventional oil production in the UK," UK Oil & Gas Chairman David Lenigas said in a statement. "Angus Energy has significant growth prospects this year with new wells and side-tracks planned on all fields."
UK Oil & Gas A shares were flat at 0.8 pence Monday morning.
By Steve McGrath; [email protected]; @SteveMcGrath1
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