Business
Increase in Horse Hill interest to 20%
Increase in Horse Hill interest to 20%.
About this update from Uk Oil & Gas Plc
[{"type":"text","content":"\n \nRNS Number : 9654O UK Oil & Gas Investments PLC 13 August 2014 \n \n\nFor Immediate Release\n13 August 2014\n \nUK Oil & Gas Investments PLC\n(\"UKOG\" or the \"Company\")\nUKOG increases its interest in Horse Hill to 20%\n \nUKOG (AIM: UKOG) announces that it has today signed a binding heads of agreement (\"HOA\") to subscribe £750,000 in cash for a further 12.5% equity interest in Horse Hill Development Ltd (\"HHDL\"), a special purpose company that has the rights to a 65% participating interest and operatorship in the UK onshore Horse Hill Field in the Weald Basin near Gatwick Airport, taking UKOG's interest from 7.5% to 20% (the \"New HHDL Subscription\").\n \nUKOG now has binding agreements in place to own a direct 20% interest in HHDL and an additional interest by virtue of its 6% ownership in Angus Energy Limited (\"Angus Energy\"). Angus Energy owns 40% of HHDL.\n \n \nDavid Lenigas, the Company's Chairman, commented:\n \n\"This further investment in Horse Hill now makes UKOG the second largest shareholder in the Horse Hill Development consortium, behind Angus Energy. We are pleased to have secured this increased exposure to this exciting conventional oil and gas play in the Weald Basin just prior to spudding of the Horse Hill - 1 well.\"\n \nAbout Horse Hill\n \nThe Horse Hill Petroleum Exploration and Development Licence No. 137 (PEDL 137) (\"Horse Hill\") is located in Surrey.\n \nMagellan Petroleum (UK) Limited, a subsidiary of NASDAQ-listed Magellan Petroleum Corporation (\"Magellan\"), currently owns 100% of the 99.29 km2 (24,525 acre) PEDL 137 and has agreements with HHDL to earn a direct 65% participating interest and operatorship in the licence, under certain contractual conditions, by the drilling of the proposed 2,646 m (8,680 ft) Horse Hill-1 well (the \"Well\") by the end of August 2014.\n \nHHDL is a special purpose company which was formed on 10 December 2013. UKOG announced its first 7.5% investment in HHDL on 20 December 2013 (the \"December HHDL Subscription\").\n \nThe Horse Hill Prospect OOIP and OGIP and prospective resources, as announced by UKOG on 20 December 2013, are summarised in Table 1.\n \nTable 1: Horse Hill Prospect estimated OOIP, OGIP and Prospective Resources.\n \n\n\n\n\nTarget Reservoir\nOil\n\n\nOOIP\...