Business
UKOG purchases 6% of UK on-shore oil producer
UKOG purchases 6% of UK on-shore oil producer.
About this update from Uk Oil & Gas Plc
[{"type":"text","content":"\n \nRNS Number : 1287Z UK Oil & Gas Investments PLC 03 February 2014 \n \n\n \n3 February 2014\nUK Oil & Gas Investments Plc\n(\"UKOG\" or the \"Company\")\n \nUKOG purchases 6% of UK on-shore oil producer Angus Energy \nTotal Voting Rights \n \n \nUK Oil & Gas Plc (AIM: UKOG) announces that it has acquired a 6% interest in UK onshore oil producer Angus Energy Limited (\"Angus\").\n \nHighlights:\n \n· UKOG acquires 6% of the Angus Energy under the terms of a share purchase agreement entered into today between UKOG and Stuart Kilnan.\n· Angus owns 70% of the producing Lidsey oil field, with plans to drill a new well in Q1/Q2.\n· Angus owns 60% of the producing Brockham oil field, which plans to drill a side-track well in Q1.\n· Angus owns the major interest in Horse Hill Development Limited, which plans to drill a stacked oil and gas play PEDL 137 in Q2/Q3.\n \n \nAngus Energy holds a full UK on-shore Operator's Licence with the UK Department of Environment and Climate Change (\"DECC\") and is operator of the Lidsey and Brockham oil fields and will be operator of the Horse Hill field.\n \nThe consideration will be £368,000 to be satisfied by the issue of 46 million new A ordinary shares of 0.01p each in UKOG (\"new Ordinary Shares\") at a price of 0.8p per share], to be escrowed for a period of 3 months once issued. \n \nThe acquisition of the non-participating 6% interest in Angus will be treated as an investment for accounting purposes.\n \nFor the year ended 30 September 2012, Angus reported unaudited turnover of £255,031 and a profit on ordinary activities before taxation of £151,405 and had as at that date shareholders' funds of £141,823.\n \nThe New Ordinary Shares will when issued rank pari passu with the existing Ordinary Shares in issue and application will be made for the New Ordinary Shares to be admitted to trading on AIM on the 10 February 2014.\n \nCommenting on the acquisition UKOG's Chairman, David Lenigas, commented:\n \n\"This acquisition is an exciting and important step for the Company as it establishes a foothold in on-shore conventional oil production in the UK.\"\n \n\"Angus Energy ha...