Business
Related Party Contractor Agreement
Related Party Contractor Agreement.
About this update from Uk Oil & Gas Plc
[{"type":"text","content":"\n \nRNS Number : 8894O UK Oil & Gas PLC 01 February 2019 \n\nUK Oil & Gas PLC\n(\"UKOG\" or the \"Company\")\n \nRelated Party Contractor Agreement \n \nUK Oil & Gas PLC (London AIM: UKOG), the largest onshore licence acreage holder in Weald Basin, is pleased to announce that, as part of the process necessary to deliver its oil production and drilling targets previously reported on 23 January, it has engaged a number of contractors, consultants and experts, one of which is Apex Completions, LLC (\"Apex\").\n \nHeadquartered in Houston, Texas, Apex, under an executed Contractor Agreement (\"Agreement\"), will help the Company further develop its understanding of the Portland and Kimmeridge reservoirs by delivering an integrated geological, geochemical, rock mechanics and reservoir engineering analysis and interpretation of the Company's Kimmeridge and Portland reservoir units. This work is designed to deliver a holistic understanding of the reservoir units in terms of characterisation and ultimately to help deliver a specific completion plan to extract oil at the best rates and volumes. The Agreement provides for Apex to periodically invoice UKOG for work carried out based upon the time spent by its personnel.\n \nIt is the Directors' viewpoint that Apex's technical approach and technologies are unique and not available elsewhere in the market place.\n \nAllen Howard, UKOG's Non-Executive Chairman, is a Director of and a shareholder in Apex and, as a result, the Agreement is considered a related party transaction under AIM Rules.\n \nThe independent directors of the Company in respect of AIM Rule 13, being Stephen Sanderson, Nicholas Mardon Taylor and Kiran Morzaria, consider, having consulted with WH Ireland, the Company's Nominated Advisor, that the terms of the Agreement are fair and reasonable insofar as Shareholders are concerned.\n \nAbout Apex\n \nApex was formed to bring a new holistic well completion design technology to the oil and gas industry, utilising new proprietary technologies and machine-learning algorithms. These processes are designed to combine and integrate deterministic reservoir models, key reservoir data and related analyses to specific well completion-related engineering applications. Apex's management consists of industry recognised expert...