Business
Completion of Partial Sale of Interest in HHDL
Completion of Partial Sale of Interest in HHDL.
About this update from Corcel Plc
[{"type":"text","content":"\n \nRNS Number : 8377O Regency Mines PLC 24 August 2017 \n\nRegency Mines Plc\n(\"Regency\" or \"the Company\")\n \nCompletion of Partial Sale of Interest in Horse Hill Discovery and Licenses, Weald Basin, UK\n \n \n24 August 2017\n \nRegency Mines Plc, the natural resource company with interests in oil and mineral exploration, announces that it has completed the sale of 1.9% (19 shares) of Horse Hill Developments Ltd (\"HHDL\") to UK Oil and Gas Investments PLC (\"UKOG\") that was announced on 10 July 2017.\n \nHighlights:\n \n· Sale of 1.9% of HHDL for £323,000\n· Regency receives 17,361,862 new UKOG shares in respect of £268,502 of consideration\n· Current value of UKOG shares received of £1,319,502 based on closing price on 22 August 2017\n· Regency retains 3.1% of HHDL\n \nTransaction Summary\n \nFor a total consideration of £323,000, the Company sold a 1.9% shareholding in HHDL. The total consideration, with an effective date of 28 June 2017, comprised £54,498 settled in cash and £268,502 in the form of new ordinary shares in UKOG (\"Consideration Shares\"). The number of Consideration Shares was calculated using a share price equivalent to the 30-day volume weighted average price per UKOG share prior to 29 June 2017.\n \nThe Company retains a 3.1% interest in HHDL. Should the Company wish to sell this holding within 18 months of the date of the transaction, UKOG has first right of refusal.\n \nThe 19 shares in HHDL were acquired for £152,000 in February 2017 and are carried in Regency's books at £284,809 as at the last audited balance sheet date, 30th June 2016.\n \nBackground on HHDL and UKOG\n \nHHDL is a special purpose company that owns a 65% participating interest in and has the operatorship of license PEDL 137 and the adjacent license PEDL 246 in the UK Weald Basin. The Horse Hill-1 well, where a discovery was announced on 24 October 2014, is located within onshore exploration license PEDL 137, on the northern side of the Weald Basin near Gatwick Airport.\n \nThe HHDL licences cover an area of 55 square miles (143 km2) north of Gatwick Airport and contain the Horse Hill-1 (\"HH-1\") Portland sandstone and Kimmeridge Limestone o...