Business
Increase in Horse Hill Acreage Holding
Increase in Horse Hill Acreage Holding.
About this update from Uk Oil & Gas Plc
[{"type":"text","content":"\n \nRNS Number : 8650Q UK Oil & Gas Investments PLC 04 September 2014 \n \n\nFor Immediate Release\n4 September 2014\n \nUK Oil & Gas Investments PLC\n(\"UKOG\" or the \"Company\")\n \nIncrease in Horse Hill Acreage Holding\n \nUKOG (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.\n \nThe 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.\n \nThe 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.\n \nHorse 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.\n \nThe participants in the PEDL's 137 and 246 are HHDL (65%) and Magellan Petroleum Corporation (35%).\n \n \nDavid Lenigas, the Company's Chairman, commented:\n \n\"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.\"\n \n \nFor further information, please contact:\n \n\n\n\n\nUK Oil& Gas Investments PLC\nDavid Lenigas / Donald Strang\n\n\nTel: 020 7440 0640\n\n\n\n\nBeaumont Cornish (Nominated Adviser)\nRoland Cornish / Michael Cornish\n\n\nTel: 020 7628 3396\n\n\n\n\nHume Capital Securities PLC (Corporate Broker)\nDavid Lawman\n\n\nTel: 020 7101 7070\n\n\n\n\nSquare 1 Consulting (Public Relations)\nDavid Bick/Mark Longson\n\n\n \nTel: 020 7929 5599\n\n\n\n\n \n \n-ENDS-\n \n\nThis informati...