14th Feb 2019 10:45
LONDON (Alliance News) - UK Oil & Gas PLC on Thursday said it has entered terms with Doriemus PLC to acquire a further 6% in Horse Hill Developments Ltd for GBP2.1 million.
After the acquisition, UK Oil & Gas will own 78% of Horse Hill Developments and 51% in the Horse Hill oil field and its licences.
UK Oil & Gas will issue 129.6 million new shares at 1.62 pence each as payment.
UK Oil & Gas shares were trading up 6.3% at 1.60p each on Thursday morning.
"The company's prime 2019 target is to move Horse Hill's ongoing test-based oil production into permanent production by the end of the year. Two new horizontal wells, HH-2 Portland and HH-1z Kimmeridge, are planned to start in spring 2019," UK Oil & Gas said.
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