20th Mar 2014 12:58
LONDON (Alliance News) - UK Oil & Gas Investments PLC Thursday announced that it has agreed to exclusively partner with Angus Energy Ltd in the upcoming oil and gas bid round.
The company said the deal is to partner exclusively on a 50:50 basis on sites picked up in the upcoming UK Department for Energy and Climate Change proposed 14th onshore oil and gas bid round, expected in the second quarter.
UK Oil & Gas Investments said licences secured will be funded equally with Angus Energy assuming the role of licenced operator.
Angus Energy, which is 6% owned by UKOG, holds an exploration and production operator's licence through the DECC and operates the conventional onshore Lidsey and Brockham oil fields located in the Weald Basin.
"UKOG sees the 20 year history of Angus Energy as one of the few experienced licenced UK oil and gas operators, as being important in securing additional licences in the expected upcoming 14th bid round," UKOG Chairman David Lenigas said in a statement.
UKOG shares were down 5.5% to 0.520 pence Thursday.
By Tom McIvor; [email protected]; @TomMcIvor1
Copyright © 2014 Alliance News Limited. All Rights Reserved.
Related Shares:
UK Oil & Gas