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UK Oil & Gas Invs Ord GBP0.0001 NEX:UKOG NEX Common Stock GB00B9MRZS43 ORD 0.01P
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UK Oil & Gas PLC Acquisition of Further Interest in PEDL143

16/04/2019 7:00am

UK Regulatory (RNS & others)

UK Oil & Gas Invs Ord GBP0.0001 (NEX:UKOG)
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RNS Number : 2658W

UK Oil & Gas PLC

16 April 2019

UK Oil & Gas PLC

("UKOG" or the "Company")

Acquisition of Further Interest in PEDL143 Exploration Licence

UK Oil & Gas PLC (London AIM: UKOG) is pleased to announce that it has entered into a binding heads of terms with both Europa Oil and Gas Limited ("Europa") and Union Jack Oil plc ("Union Jack") to acquire their respective 20% and 7.5% interests in the highly prospective PEDL143 exploration licence ("Licence"). Upon completion, the Company will hold a majority operated 67.5% interest in the Licence.

The Licence contains the significant "A24" Portland and Kimmeridge oil prospect that is a direct geological look-alike to the Company's Horse Hill oil field, situated on-trend some 8 km to the east. Several smaller prospects of similar size to the nearby Brockham Portland oil field have also been identified. Work is well advanced to find a suitable drilling location that is situated outside of the Surrey Hills Area of Outstanding Natural Beauty ("AONB").

As previously reported in UKOG's latest Annual Report, it is the Company's strategy to hold majority interests in key operated assets, particularly those that offer significant recoverable resource potential in the same Portland and Kimmeridge reservoir targets as the Company's Horse Hill oil field.

Transaction Summary

The total considerations of GBP300,000 and GBP112,500 to Europa and Union Jack, respectively, with an effective date of 15 April 2019, will be satisfied through the issue of an aggregate total of 35,683,391 new ordinary shares in UKOG ("Consideration Shares"), with 25,951,557 and 9,731,834 Consideration Shares issued to Europa and Union Jack respectively. The Consideration Shares are calculated based upon the 5-day volume weighted average price to market close on Friday 12 February 2019 of 1.156 pence.

Completion of this acquisition, which is subject to the usual Oil and Gas Authority consent, will be announced in due course.

Stephen Sanderson, UKOG's Chief Executive, commented:

"We are delighted to acquire this further significant share of such a highly prospective exploration Licence, which contains, in UKOG's view, one of the best undrilled Portland and Kimmeridge prospects in the Weald Basin. The proximity to UKOG's Horse Hill field, together with the Company's operational and subsurface expertise in the area, adds potentially significant operational and cost synergies to the project's overall benefit. UKOG, as the new Licence operator, will now push ahead to finalise a new well location outside of the Surrey Hills AONB.

This acquisition is in full accordance with our stated strategy of holding majority operated interests in key assets."

Qualified Person's Statement

Rob Wallace, UKOG's principal technical advisor, who has over 40 years of relevant experience in the oil industry, has approved the information contained in this announcement. Mr Wallace is a Chartered Scientist, Chartered Geologist and Fellow of the Geological Society of London, an active member of the American Association of Petroleum Geologists, a member of the Petroleum Exploration Society of Great Britain and a member of the South African Geophysical Society.

For further information, please contact:


Stephen Sanderson / Kiran Morzaria Tel: 01483 900582

WH Ireland (Nominated Adviser and Broker)

James Joyce / James Sinclair-Ford Tel: 020 7220 1666

Cenkos Securities PLC (Joint Broker)

Joe Nally / Neil McDonald Tel: 0207 397 8919

Novum Securities (Joint Broker)

John Bellis

Tel: 020 7399 9400

Public Relations

Brian Alexander / David Bick Tel: 01483 900582


 oil field   an accumulation, pool or group of pools of oil 
              in the subsurface that produces oil to surface. 
              An oil field consists of a reservoir in a shape 
              that will trap hydrocarbons and that is covered 
              by an impermeable or sealing rock 
 prospect    a project associated with a potential accumulation 
              that is sufficiently well defined to represent 
              a viable drilling target 

UKOG Licence Interests

The Company has interests in the following UK licences:

Asset               Licence     UKOG's        Licence        Operator       Area            Status 
                                Interest       Holder                       (km(2) 
                                                                                        Field currently 
Avington                                     UKOG (GB)      IGas Energy                 temporarily shut 
 (1)                PEDL070       5%          Limited           Plc         18.3               in 
-----------------             ----------  --------------  --------------  --------  ---------------------- 
Broadford                                                                                BB-1 & 1z oil 
 Bridge                                     UKOG (234)      UKOG (234)                discovery, planning 
 (3)                PEDL234      100%         Ltd (4)         Ltd (4)       300.0     application approved 
-----------------             ----------  --------------  --------------  --------  ---------------------- 
                                                                                       Seeking alternate 
                                                                                         sites to drill 
                                                                                         A24 and other 
A24 (3)             PEDL143      67.5%         UKOG            UKOG         91.8           prospects 
-----------------             ----------  --------------  --------------  --------  ---------------------- 
Horndean                                     UKOG (GB)      IGas Energy                 Field in stable 
 (1)                 PL211        10%         Limited           Plc         27.3           production 
-----------------             ----------  --------------  --------------  --------  ---------------------- 
                                                                                       Production tests 
                                                                                      ongoing, two further 
                                            Horse Hill      Horse Hill                  appraisal wells 
Horse Hill                                  Developments    Developments                 scheduled for 
 (5)                PEDL137     50.635%         Ltd             Ltd         99.3              2019 
-----------------             ----------  --------------  --------------  --------  ---------------------- 
                                            Horse Hill      Horse Hill 
Horse Hill                                  Developments    Developments 
 (5)                PEDL246     50.635%         Ltd             Ltd         43.6           As above 
-----------------             ----------  --------------  --------------  --------  ---------------------- 
                                                                                      Preparing planning 
                                                                                         submission for 
                                                                                         Arreton-3 oil 
Isle of                                                                                  appraisal well 
 Wight (Onshore)                                                                       and Arreton South 
 (2, 3)             PEDL331       95%          UKOG            UKOG         200.0       exploration well 
-----------------             ----------  --------------  --------------  --------  ---------------------- 
Markwells                                    UKOG (GB)       UKOG (GB)                    Well plugged 
 Wood               PEDL126      100%         Limited         Limited       11.2          and abandoned 
-----------------             ----------  --------------  --------------  --------  ---------------------- 


1. Oil field currently in stable production.

2. Oil discovery pending development and/or appraisal drilling.

3. Exploration asset with drillable prospects and leads.

4. Contains the Broadford Bridge-1 /1z Kimmeridge oil discovery, the eastern extension of the Godley Bridge Portland gas discovery plus further undrilled Kimmeridge exploration prospects.

5. Oil field with three productive and commercially viable zones, EWT ongoing, two further wells HH-1z and HH-2 scheduled in Q2 2019, development underway subject to grant of planning consent, expected in Q3 2019.

6. UKOG has a direct 77.9% 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 news service of the London Stock Exchange. RNS is approved by the Financial Conduct Authority to act as a Primary Information Provider in the United Kingdom. Terms and conditions relating to the use and distribution of this information may apply. For further information, please contact or visit



(END) Dow Jones Newswires

April 16, 2019 02:00 ET (06:00 GMT)

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