Business
Acquisition of Further Interest in Horse Hill-1
Acquisition of Further Interest in Horse Hill-1.
About this update from Uk Oil & Gas Plc
[{"type":"text","content":"\n \nRNS Number : 8297O UK Oil & Gas Investments PLC 24 August 2017 \n\nUK Oil & Gas Investments PLC\n(\"UKOG\" or the \"Company\")\n \nCompletion of acquisition of further Interest in Horse Hill-1 Oil Discovery and Licenses, Weald Basin, UK\n \nUK Oil & Gas Investments PLC (London AIM and ISDX: UKOG) announces that it 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\"). \n \nThe 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 significant long-term production testing and appraisal programme of the productive Kimmeridge Limestone and Portland reservoirs.\n \nTransaction Summary\nFor 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. \n \nAs 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.\n 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...