Business
Acquisition of Interests in Core UK Oil Assets
Acquisition of Interests in Core UK Oil Assets.
About this update from Uk Oil & Gas Plc
[{"type":"text","content":"\n \nRNS Number : 6981D UK Oil & Gas Investments PLC 02 February 2015 \n\n \n2 February 2015\n \nUK Oil & Gas Investments PLC\n(\"UKOG\" or the \"Company\")\n \nAcquisition of Interests in Core UK Oil Assets\n \nIncrease in interests in P1916 and PEDL126\n \nThe Board of UKOG (AIM: UKOG) is pleased to announce that it has built upon its late October 2014 acquisition of Northern Petroleum's UK assets by acquiring further interests in offshore licence P1916 and onshore licence PEDL126, two core assets in UKOG's Southern UK exploration and appraisal portfolio. \n \nUKOG is the operator of these two licences. These acquisitions take UKOG's operated interest in P1916 from 65% to 72.5% and in PEDL126 from 50% to 60%.\n \nIn P1916, which is located immediately offshore of the Isle of Wight, UKOG has previously indicated that it is investigating the possibility that early oil-mature Kimmeridge Clay hot shales might have directly charged interbedded Kimmeridge limestones, analogous to the Kimmeridge Bay and Balcombe fields, and as interpreted from the preliminary results of the recent Horse Hill-1 well in which UKOG has an interest.\n \nUKOG is also investigating the possibility that the Kimmeridge Clay hot shales may also have charged the Portland Limestone lying at the base of the Kimmeridge Clay Formation within the identified M prospect in a situation analogous to the nearby Arreton-2 Portland oil discovery, drilled and tested by British Gas in 1974.\n \nUKOG has applied (with Solo Oil plc and Angus Energy Limited) for the onshore acreage adjacent to P1916 in the UK 14th Landward Licencing Round. This onshore acreage includes the landward extension of the M prospect, the undeveloped Arreton Portland oil discovery, four further leads with stacked Jurassic and Triassic objectives and one lead with Jurassic limestone objectives.\n \nUKOG has agreed, subject to normal regulatory and partner company approvals, to acquire from Egdon (E&P) Limited, for a nominal consideration of £10,000, its 7.5% interest in P1916 as well as the 10% interest of Egdon Resources U.K. Limited in UK onshore licence PEDL126 in the Weald Basin, which contains the Markwells Wood-1 Great Oolite oil discovery.\n \nFurther details of these two licences are provided in UKOG's corporat...