UKOG Completes Acquisition of Further Interest in Horse Hill-1 Discovery

Source: www.gulfoilandgas.com 8/24/2017, Location: Europe

UK Oil & Gas Investments PLC (UKOG) has completed the acquisition of a 1.9% shareholding in Horse Hill Developments Ltd (HHDL) from Regency Mines plc (Regency), previously announced on the 10 July 2017. The Company now holds a 32.435% beneficial interest in the onshore Weald Basin licences PEDL137 and PEDL246 (the Licences).

The Licences, covering an area of 55 square miles (143 km2) north of Gatwick Airport, contain the Horse Hill-1 (HH-1) Portland sandstone and Kimmeridge Limestone oil discoveries. As previously reported on 21 March 2016, HH-1 flow tested at a significant commercial aggregate stable dry oil rate of 1,688 barrels of oil per day from the uppermost two Kimmeridge Limestone intervals and the overlying Portland reservoir. Regulatory permissions are being sought for a signi?cant long-term production testing and appraisal programme of the productive Kimmeridge Limestone and Portland reservoirs.

Transaction Summary

For a total consideration of £323,000, the Company will receive a further 1.235% beneficial interest in the Licences via the purchase of Regency's 1.9% shareholding in HHDL. The total Consideration, with an effective date of 28 June 2017, is comprised of £54,498 payable in cash and £268,502 in the form of the issue of new ordinary shares in UKOG (Consideration Shares). The calculation of the Consideration Shares is based on using a share price equivalent to the 30-day volume weighted average price of UKOG share prior to 29 June 2017.

As such application has been made for 17,361,862 new ordinary shares to be admitted to trading on AIM and it is anticipated that trading in such shares will commence on or around 30 August 2017.

Following Admission, the Company's enlarged issued share capital will comprise 3,538,120,962 ordinary shares. The Company does not hold any shares in treasury. This figure of 3,538,120,962 ordinary shares may be used by shareholders in the Company as the denominator for the calculations by which they will determine if they are required to notify their interest in, or a change in their interest in, the share capital of the Company under the FCA's Disclosure and Transparency Rules.

HHDL and the Company's Interest in the Licences

HHDL is a special purpose vehicle, which owns a 65% working interest and operatorship of the Licences. UKOG on completion will own a 49.9% bene?cial shareholding in HHDL, which equates to a 32.435% net working interest in the Licences. The remaining 35% interest in the Licences is held by Magellan Petroleum (UK) Limited.


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Related Categories: Accounting, Statistics  Acquisitions and Divestitures  Asset Portfolio Management  Economics/Financial Analysis  General  Industrial Development  Insurance  Investment  Mergers and Acquisitions  Risk Management 

Related Articles: Accounting, Statistics  Acquisitions and Divestitures  Asset Portfolio Management  Economics/Financial Analysis  General  Industrial Development  Insurance  Investment  Mergers and Acquisitions  Risk Management 


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