For Immediate Release
4 September 2014
UK Oil & Gas Investments PLC
("UKOG" or the "Company")
Increase in Horse Hill Acreage Holding
UKOG (AIM: UKOG) is pleased to announce that as a direct result of the commencement of drilling operations at Horse Hill on 2 September 2014, Horse Hill Developments Ltd ("HHDL") now additionally owns a 65% participating interest in the adjacent United Kingdom Petroleum Exploration and Development Licence (PEDL) 246.
The 43.58 km2 (10,769 acre) PEDL 246 is immediately east of and adjacent to the 99.29 km2 (24,525 acre) Horse Hill PEDL 137 located in Surrey, where the Horse Hill-1 well is currently being drilled.
The transfer of the 65% interest in PEDL 246 to HHDL from Magellan Petroleum (UK) Limited, a subsidiary of Magellan Petroleum Corporation, is conditional only on gaining final approval from UK Secretary of State for Energy and Climate Change.
Horse Hill Developments Ltd ("HHDL"), is a special purpose company with a 65% operating interest in PEDL's 137 and 246 in the Weald Basin to the north of Gatwick Airport in Surrey. UKOG has binding agreements in place to own a direct 20% interest in HHDL and an additional 2.4% interest by virtue of its 6% ownership in Angus Energy Limited ("Angus Energy"). Angus Energy owns 40% of HHDL.
The participants in the PEDL's 137 and 246 are HHDL (65%) and Magellan Petroleum Corporation (35%).
David Lenigas, the Company's Chairman, commented:
"The spudding of the Horse Hill-1 well has secured the HHDL consortium a further 43 km2 of prospective acreage in this important part of the Weald Basin, a basin well known for its conventional oil and gas reservoirs."
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 |
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