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About this update from Uk Oil & Gas Plc
[{"type":"text","content":"\n \nRNS Number : 1248W UK Oil & Gas Investments PLC 20 December 2013 \n\n20 December 2013\nUK Oil & Gas Investments Plc\n(\"UKOG\" or the \"Company\")\n \nFarm in to UK onshore oil Investment - Horse Hill in the Weald Basin.\n \nUK Oil & Gas Investments Plc (AIM: UKOG) is pleased to announce that it has signed a Binding Term Sheet (\"BTS\") to buy a 7.5% interest in Horse Hill Development Ltd (\"HHDL\"), a special purpose company, that has the rights to a 65% participating interest and operatorship, in the high prospective UK onshore Horse Hill Oil Field in the Weald Basin. Details of the transaction are given below.\n \nHHDL plans to drill in, the New Year, a well to test a number of conventional stacked oil and gas targets which the board believes could contain up to an estimated 671 million stock barrels (\"MMSTB\") oil in place with an estimated total mean recoverable prospective resources of 87 MMSTB and additional prospectivity of 456 Bcf gas in place (Mean 164+ Bcf recoverable prospective resource) in the proposed Triassic gas play.\n \nDavid Lenigas, the Company's Chairman, commented:\n \n\"This Horse Hill investment is the first UK onshore oil investment under the Company's new stated investment strategy. It represents an exciting opportunity for the Company to participate as part of the consortium in this new significant UK conventional onshore oil and gas play.\"\n \n\"UKOG is optimistic about finding oil on Horse Hill as the two previous wells drilled by ESSO in the 1960's both encountered good oil shows. Both wells were relatively shallow and neither were drilled deep enough to test the significant Triassic gas play.\"\n \nAbout Horse Hill Prospect:\n \nThe Horse Hill Petroleum Exploration and Development Licence No. 137 (PEDL 137) 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 (\"Horse Hill\") 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 by the end of August 2014.\n \nThe newly defined Horse Hill prospect covers an area of u...