3rd Feb 2015 10:57
LONDON (Alliance News) - UK Oil & Gas Investments PLC Tuesday said it will buy Montrose Industries Ltd's 5% stake in the P1916 licence off the coast of the Isle of Wight, taking its interest to 77.5%.
The company, which is the operator of the licence, didn't say how much it is paying for the stake. The deal needs to be approved by regulators and its partners in the licence.
"UK Oil & gas is optimistic about the potential of this offshore Isle of Wight licence, which contains the large, drill-ready M Prospect," Chairman David Lenigas said in a statement.
By Steve McGrath; [email protected]; @stevemcgrath1
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