For Immediate Release
6 August 2014
UK Oil & Gas Investments PLC
("UKOG" or the "Company")
Update on Horse Hill Prospect, UK.
Environment Agency Permits Granted
UKOG (AIM: UKOG) today announces that the operator, Horse Hill Developments Ltd ("HHDL"), has now been granted final approvals from the UK Environment Agency to proceed with the drilling of the Horse Hill -1 well at Horse Hill in Surrey.
UKOG has a binding agreement in place to own a direct 7.5% interest in HHDL, a special purpose company that owns a 65% participating interest and operatorship of the Horse Hill Oil Field in the Weald Basin and an additional interest by virtue of it's 6% ownership in the License's operator, Angus Energy. Angus Energy owns 40% of HHDL.
David Lenigas, the Company's Chairman, commented:
"Recent heavy rainfall in the area has delayed the completion of site construction works, however, the concrete cellar is on-site and is ready to install once the ground conditions allow. We are therefore looking forward to spudding of this important Horse Hill-1 well shortly."
The participants in the Horse Hill-1 well are HHDL (Operator) with a 65% working interest and Magellan Petroleum Corporation with a 35% interest.
-ENDS-
For further information, please contact:
UK Oil& Gas Investments PLC David Lenigas / Donald Strang |
Tel: 020 7440 0640 |
Beaumont Cornish (Nominated Adviser) Roland Cornish / Michael Cornish |
Tel: 020 7628 3396 |
Hume Capital Securities PLC (Corporate Broker) David Lawman |
Tel: 020 7101 7070 |
Square 1 Consulting (Public Relations) David Bick/Mark Longson |
Tel: 020 7929 5599 |
