Business
Sale of UKOG (GB) Limited
Sale of UKOG (GB) Limited.
About this update from Uk Oil & Gas Plc
[{"type":"text","content":"\n\nThe information contained within this announcement is deemed by the Company to constitute inside information under the Market Abuse Regulation (EU) No. 596/2014, as it forms part of UK domestic law by virtue of the European Union (Withdrawal) Act 2018. Upon publication of this announcement, this information is now considered to be in the public domain.\n \nUK Oil & Gas PLC\n(\"UKOG\" or the \"Company\")\n \nSale of UKOG (GB) Limited\n \nUK Oil & Gas PLC (London AIM: UKOG) is pleased to announce that the Company has agreed the sale of its 100%-owned subsidiary UKOG (GB) Limited (\"UKOG (GB)\") to Servatec Holdings Limited (\"Servatec\") for a cash consideration of £400,000. Servatec are the holding company of a widely utilised and respected UK onshore oil and gas sector well services and drilling group. Completion is subject to the normal sector regulatory consents.\n \nUKOG (GB) holds minority non-operated interests in two UK onshore petroleum licences, a 10% interest in PL211 and a 5% interest in PEDL070, containing the Horndean and Avington oil fields, respectively. Both licences are located in Hampshire. The book value of the subsidiary in the 2024 Interim Financial statements was £635,000. The profit attributable to the subsidiary in the 2023 Annual financial statements was £140,000.\n \nStephen Sanderson, the Company's Chief Executive commented:\n \n\"This divestment is fully in keeping with the Company's stated transition away from hydrocarbons into the clean hydrogen storage and production sector, with the proceeds being utilised to further our subsidiary UK Energy Storage's material salt cavern hydrogen storage projects in Dorset and Yorkshire. We wish Servatec well in their future stewardship of UKOG (GB)'s assets.\"\n \nFor further information, please contact:\n \nUK Oil & Gas Plc\nStephen Sanderson / Matt Cartwright / Kris Bone Tel: 01483 941493\n \nZeus (Nominated Adviser and Broker) &nbs...