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Share Name | Share Symbol | Market | Type | Share ISIN | Share Description |
---|---|---|---|---|---|
Uk Oil & Gas Plc | LSE:UKOG | London | Ordinary Share | GB00BS3D4G58 | ORD GBP0.000001 |
Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|---|---|
0.0075 | 13.04% | 0.065 | 0.06 | 0.07 | 0.065 | 0.0575 | 0.0575 | 31,577,434 | 10:13:39 |
Industry Sector | Turnover | Profit | EPS - Basic | PE Ratio | Market Cap |
---|---|---|---|---|---|
Finance Services | 1.78M | -4.87M | -0.0015 | -0.40 | 1.95M |
TIDMUKOG
RNS Number : 5219K
UK Oil & Gas Investments PLC
10 July 2017
UK Oil & Gas Investments PLC
("UKOG" or the "Company")
Agreement to Acquire a further Interest in Horse Hill-1 Oil Discovery and Licences, Weald Basin, UK
UK Oil & Gas Investments PLC (London AIM and ISDX: UKOG) announces that it has agreed to acquire a 1.9% shareholding in Horse Hill Developments Ltd ("HHDL") from Regency Mines plc ("Regency"). On completion, the Company will hold a 32.435% beneficial interest in the onshore Weald Basin licences PEDL137 and PEDL246 ("the Licences").
The Licences, covering an area of 55 square miles (143 km(2) ) north of Gatwick Airport, contain the Horse Hill-1 ("HH-1") Portland sandstone and Kimmeridge Limestone oil discoveries. As previously reported on 21 March 2016, HH-1 flow tested at a significant commercial aggregate stable dry oil rate of 1,688 barrels of oil per day. Regulatory permissions are being sought for a significant long-term production testing and appraisal programme of the productive Kimmeridge Limestone and Portland reservoirs.
Transaction Summary
For a total consideration of GBP323,000, the Company will receive a further 1.235% beneficial interest in the Licences via the purchase of Regency's 1.9% shareholding in HHDL. The total Consideration, with an effective date of 28 June 2016, is comprised of GBP54,498 payable in cash and GBP268,502 in the form of the issue of new ordinary shares in UKOG ("Consideration Shares"). The Consideration Shares are calculated on the 30-day volume weighted average price prior to 29 June 2017. Completion of the acquisition is conditional on the consent of HHDL. A further announcement will be made on completion.
HHDL and the Company's Interest in the Licences
HHDL is a special purpose vehicle, which owns a 65% working interest and operatorship of the Licences. UKOG on completion will own a 49.9% beneficial shareholding in HHDL, which equates to a 32.435% net working interest in the Licences. The remaining 35% interest in the Licences is held by Magellan Petroleum (UK) Limited.
Following communications with Surrey County Council ("SCC"), we now understand the Horse Hill planning application will be determined at the scheduled SCC Planning Committee meeting of either August or September 2017. The planning application seeks consent to long-term production test HH-1 and to drill two further wells. The Company's plans remain unchanged in that HH-1 testing will directly follow the BB-1 flow test operation, with an HH-1 start expected in Q4 2017.
Stephen Sanderson, UKOG's Executive Chairman, commented:
"This acquisition fits perfectly within UKOG's stated strategy to further consolidate and increase its holdings in the Kimmeridge oil play in the Weald. The licences remain a significant part of UKOG's extensive Kimmeridge portfolio, containing both the HH-1 oil discovery and its likely continuation across much of the licenced area.
In addition to HH-1 Kimmeridge oil, the Portland oil discovery remains a significant potential early monetisation asset, which, given the 323 bopd test rate, we believe has a high chance of commercial viability.
Given a successful production test outcome, both the Kimmeridge and Portland remain on course for stable oil production by end 2018/early 2019."
Qualified Person's Statement:
Stephen Sanderson, UKOG's Executive Chairman, who has over 35 years of relevant experience in the oil industry, has approved the information contained in this announcement. Mr Sanderson is a Fellow of the Geological Society of London and is an active member of the American Association of Petroleum Geologists.
For further information, please contact:
UK Oil & Gas Investments PLC
Stephen Sanderson / Kiran Morzaria Tel: 01483 243450
WH Ireland (Nominated Adviser and Broker)
James Joyce / James Bavister Tel: 020 7220 1666
Cenkos Securities PLC (Joint Broker)
Nick Tulloch / Neil McDonald Tel: 0131 220 6939
Square 1 Consulting (Public Relations)
Brian Alexander / David Bick Tel: 01483 243450 / 020 7929 5599
Glossary
discovery a discovery is a petroleum accumulation for which one or several exploratory wells have established through testing, sampling and/or logging the existence of a significant quantity of potentially moveable hydrocarbons ------------------ -------------------------------------------- production a long test period usually up to 6 test or extended months where hydrocarbons are flowed flow test to surface through a test separator. Key measured parameters are oil and gas flow rates, downhole pressure and surface pressure. The overall objective is to identify the well's capacity to produce oil at a commercial flow rate and to recover oil in commercial quantities or volumes ------------------ -------------------------------------------- limestone a sedimentary rock predominantly composed of calcite (a crystalline mineral form of calcium carbonate) of organic, chemical or detrital origin. Minor amounts of dolomite, chert and clay are common in limestones. Chalk is a form of fine-grained limestone, being made of the remains of calcareous planktonic algae called coccoliths. The Kimmeridge Limestones are comprised of fine grained coccoliths, fine grained calcium carbonate mud, clay minerals, together with dark grey organic matter. ------------------ --------------------------------------------
UKOG Licence Interests
The Company has interests in the following ten UK licences:
Asset Licence UKOG's Licence Holder Operator Area (km(2) ) Status Interest ---------------- --------- --------------- --------------- --------------- -------------- ---------------------- UKOG (GB) IGas Energy Field in stable Avington (1) PEDL070 5% Limited Plc 18.3 production ---------------- --------- --------------- --------------- --------------- -------------- ---------------------- Baxters Copse PEDL233 50% UKOG Weald IGas Energy 89.6 Appraisal/development (2) Limited Plc well planned; licence extended to 2018 ---------------- --------- --------------- --------------- --------------- -------------- ---------------------- Kimmeridge Oil Kimmeridge Oil Broadford Bridge & Gas Limited & Gas Limited BB-1 drilling (3) PEDL234 100% (4) (4) 300.0 underway ---------------- --------- --------------- --------------- --------------- -------------- ---------------------- Holmwood (3) PEDL143 30% UKOG Europa Oil & 91.8 Holmwood-1 Gas (Holdings) exploration well plc planned in 2017 ---------------- --------- --------------- --------------- --------------- -------------- ---------------------- UKOG (GB) IGas Energy Field in stable Horndean (1) PL211 10% Limited Plc 27.3 production ---------------- --------- --------------- --------------- --------------- -------------- ---------------------- Horse Hill (5) PEDL137 32.435% Horse Hill Horse Hill 99.3 Submitted planning Developments Developments application for long Ltd Ltd term production tests and drilling of two wells ---------------- --------- --------------- --------------- --------------- -------------- ---------------------- Horse Hill Horse Hill Developments Developments Horse Hill (5) PEDL246 32.435% Ltd Ltd 43.6 As above ---------------- --------- --------------- --------------- --------------- -------------- ---------------------- Isle of Wight UKOG Solent UKOG Solent Preparing drilling (Offshore) (3) P1916 100% Limited Limited 46.7 planning submission ---------------- Isle of Wight (Onshore) (2, Preparing drilling
3) PEDL331 65% UKOG TBA 200.0 planning submission ---------------- --------- --------------- --------------- --------------- -------------- ---------------------- Markwells Wood PEDL126 100% UKOG (GB) UKOG (GB) 11.2 Submitted planning (2) Limited Limited application for appraisal and field development ---------------- --------- --------------- --------------- --------------- -------------- ----------------------
Notes:
1. Oil field currently in production.
2. Oil discovery pending development and/or appraisal drilling.
3. Exploration asset with drillable prospects and leads. Contains the extension of the Godley Bridge Portland gas discovery and the site of the forthcoming Broadford Bridge-1 well.
4. UKOG has a 100% interest in Kimmeridge Oil & Gas Limited, which has a 100% interest in PEDL234.
5. Oil discovery with recently completed flow testing.
6. UKOG has a direct 48% interest in HHDL, which has a 65% interest in PEDL137 and PEDL246.
The information contained within this announcement is deemed by the Company to constitute inside information under the Market Abuse Regulation (EU) No. 596/2014.
This information is provided by RNS
The company news service from the London Stock Exchange
END
ACQSSWEFUFWSELW
(END) Dow Jones Newswires
July 10, 2017 02:00 ET (06:00 GMT)
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