18th Dec 2015 08:35
LONDON (Alliance News) - UK Oil & Gas Investments PLC on Friday said it has received final regulatory consent from the UK's Oil and Gas Authority to acquire a further 10% interest in UK onshore Weald Basin licence PEDL143.
The acquisition will be made through the company's farm-in with Warwick Energy Exploration and Production Ltd.
PEDL143 covers 35.5 square miles and is to the immediate west of Horse Hill licence PEDL137, in which UKOG has a 20.163% interest, and to the immediate south of the Brockham oil field, licence PL235, in which UKOG has an interest via its 6% ownership of Angus Energy Ltd.
UKOG said it will participate in the drilling of the planned Holmwood-1 exploration well in order to test the Holmwood Prospect's identified Portland sandstone, Kimmeridge limestone and Corallian sandstone reservoir objectives.
"The Holmwood licence is now a significant and exciting element of our core Weald Basin exploration portfolio. We look forward to the drilling of the Holmwood-1 well next winter," Executive Chairman Stephen Sanderson said.
Shares in UKOG were down 3.1% at 1.26 pence on Friday morning.
By Samuel Agini; [email protected]; @samuelagini
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