23rd Nov 2015 10:45
LONDON (Alliance News) - UK Oil & Gas Investments PLC on Monday said it has signed a farm-in deal to expand its holding in the PEDL143 licence in the Weald Basin, south of London.
UK Oil & Gas has signed a farm-in deal with Warwick Energy Exploration and Production Ltd to buy another 10% stake in the licence, which includes the Holmwood prospect.
This will increase its stake in the licence to 30%, having on Wednesday last week secured approval to increase its interest to 20% via a farm-in deal with Egdon Resources PLC.
The licence is located to the immediate west of the Horse Hill licence, near Gatwick Airport. UK Oil & Gas owns a 20.2% stake in the Horse Hill project. The PEDL143 license also is south of the Brockham oil field, in which UK Oil & Gas has a 6.0% interest via its stake in Angus Energy Ltd.
The PEDL143 licence includes the Holmwood prospect, which the group working on the licence intends to target with the Holmwood-1 exploration well. That test drilling is due to take place in late 2016 or early 2017.
Shares in UK Oil & Gas Investments were up 1.0% to 1.01 pence on Monday.
By Sam Unsted; [email protected]; @SamUAtAlliance
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