13th Mar 2015 08:42
LONDON (Alliance News) - UK Oil & Gas Investments PLC on Friday said it has further increased its interest in the Horse Hill prospect in the UK with the acquisition of a stake from Danadav Investments Ltd.
UK Oil & Gas will buy an additional 2% stake in Horse Hill Developments Ltd, the operator of the licence, from Danadev for GBP352,000, which will be satisfied via the issue of 44 million shares in UK Oil & Gas at 0.8 pence per share.
Shares in UK Oil & Gas were up 6.2% to 0.834 pence on Friday morning, one of the best performers in the AIM All-Share.
Horse Hill Developments owns a 65% stake in the Horse Hill prospect, in the Weald Basin in the UK, with the other 35% held by Magellan Petroleum Corp.
The new deal brings UK Oil & Gas's total stake in Horse Hill Developments to 30%, adding to the 8% stake it acquired from Angus Energy on Monday for GBP580,000 in cash.
On Thursday, Alba Mineral Resources increased its own stake in Horse Hill Developments to 10% after acquiring a further 5% stake in the company from Regency Mines PLC.
By Sam Unsted; [email protected]; @SamUAtAlliance
Copyright 2015 Alliance News Limited. All Rights Reserved.
Related Shares:
Alba Mineral ResourcesUK Oil & GasRGM.L