UK Oil & Gas Increases Horse Hill Stake After Purchase From Doriemus

LONDON (Alliance News) - UK Oil & Gas PLC on Thursday said it has entered terms with Doriemus PLC ...

Alliance News 14 February, 2019 | 10:45AM
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LONDON (Alliance News) - UK Oil & Gas PLC on Thursday said it has entered terms with Doriemus PLC to acquire a further 6% in Horse Hill Developments Ltd for GBP2.1 million.

After the acquisition, UK Oil & Gas will own 78% of Horse Hill Developments and 51% in the Horse Hill oil field and its licences.

UK Oil & Gas will issue 129.6 million new shares at 1.62 pence each as payment.

UK Oil & Gas shares were trading up 6.3% at 1.60p each on Thursday morning.

"The company's prime 2019 target is to move Horse Hill's ongoing test-based oil production into permanent production by the end of the year. Two new horizontal wells, HH-2 Portland and HH-1z Kimmeridge, are planned to start in spring 2019," UK Oil & Gas said.

By Elena Cherubini; elenacherubini@alliancenews.com

Copyright 2019 Alliance News Limited. All Rights Reserved.

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Securities Mentioned in Article
Security Name Price Change (%) Morningstar
Rating
UK Oil & Gas PLC 1.25 GBX -3.85 -
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