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UKOG announce completion of Horse Hill acquisition

Published by , Editorial Assistant
Oilfield Technology,

UK Oil & Gas PLC has announced that it has completed the previously announced acquisition of the 6% shareholding in Horse Hill Developments Ltd (‘HHDL’) from Doriemus PLC (‘the Vendor’). The Company now owns a controlling 77.9% interest in its subsidiary HHDL and holds a majority 50.64% beneficial interest in the Horse Hill oil field and surrounding geologically prospective PEDL137 and PEDL246 licences (‘the Licences’).

Transaction Summary

The Company has acquired from the Vendor a 6% interest in HHDL, equating to a 3.9 % beneficial interest in the oil field and Licences. The total consideration is £2,100,000 settled by the issue of 129,629,630 new ordinary shares in UKOG (‘Consideration Shares’) as outlined in the announcement of the 14 February 2019.

An application has been made for the Consideration Shares to be admitted to trading on AIM, which are expected to be admitted on or around 28 February 2019 (‘Admission’).

Following Admission, the Company's enlarged issued share capital will comprise 5,714,273,186 ordinary shares. The Company holds no shares in treasury. The enlarged ordinary share capital figure may be used by shareholders in the Company as the denominator for the calculations by which they can determine if they are required to notify their interest in, or a change in their interest in, the share capital of the Company under the FCA's Disclosure and Transparency Rules.

HHDL and the Licences

UKOG's subsidiary HHDL owns a 65% working interest and operatorship of the Licences, with the remaining 35% interest being held by Magellan Petroleum (UK) Limited.

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