Business
New Investment
New Investment.
About this update from Uk Oil & Gas Plc
[{"type":"text","content":"\n \nRNS Number : 1718N UK Oil & Gas Investments PLC 24 July 2014 \n \n\n \nFor immediate release\n24 July 2014\n \nUK Oil & Gas Investments PLC\n(\"UKOG\" or the \"Company\")\n \nUKOG to acquire Northern Petroleum's UK oil and gas assets in the Weald Basin\n \nSummary\nThe Board of UKOG (AIM: UKOG) is pleased to announce that the Company has today conditionally agreed to acquire Northern Petroleum Plc's (\"NOP\") UK production and exploration oil and gas licence interests, for a total consideration of £1.5 million (the \"Investment\"). Further amounts up to a maximum of £50,000 may be payable in respect of net working capital of the Investment calculated as at today's date. All revenue as from today will accrue to UKOG. \n \nNOP's UK oil and gas licence interests comprise: A 10% and 5% working interest in the producing Horndean and Avington Oilfields, respectively, in the Weald Basin, both of which are operated by IGas Energy Plc (\"IGas\"); a 50% interest in two further exploration licences in the Weald Basin; and a 65% interest in the offshore licence P1916 which flanks the western part of the Isle of Wight. In the year ended 31 December 2013, the Investment's average daily share of production amounted to approximately 20 barrels of oil and turnover and gross profit amounted to €591,000 and €345,000 respectively.\n \nDavid Lenigas, the Company's Chairman, commented:\n \"This is a significant new investment for UKOG, as we continue to grow our presence in the UK and provides UKOG with a direct interest in oil production. We look forward to working with IGas, the operator of the Horndean and Avington licences. These new assets complement UKOG's existing Weald Basin investments in the producing Lidsey and Brockham Oil Fields and the prospective Horse Hill-1 well.\"\n \nTerms of the Investments\nUKOG has today conditionally agreed to purchase from NOP the entire issued share capital of NOP's wholly-owned subsidiaries, Northern Petroleum (GB) Limited (\"NPGBL\"), NP Solent Limited (\"NPSL\") and NP Weald Limited (\"NPWL\"). NPGBL, NPSL and NPWL hold the following licence interests:\n \n \n \n \n \n\n\n\n\nLicence Holder\n\n\nLicence\n\n\nInterest\n\n\nOperator\n\n\n\n\nOnshore exploration\n\n\n\n\nNorthern Petroleum (GB) Limited\n\n\nPEDL 126\n\n\n50.00...