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UKOG bolsters oil and gas portfolio with acquisitions

Last updated: 06:42 12 Mar 2015 GMT, First published: 07:42 12 Mar 2015 GMT

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UK Oil & Gas Investments (LON:UKOG) has completed acquisitions to expand its footprint in the onshore UK oil sector.

UKOG has now taken ownership of an additional 12.5% interest in P1916, on the Isle of Wight, through separate transactions with Egdon and Montrose Industries. 

It has also bought 10% of PEDL 126 from Egdon, increasing its interest to 60%, and another deal with Magellan Petroleum will subsequently take the company’s stake in the project to 100%.

UKOG chairman David Lenigas, on Twitter, said: “The DECC approved these licences changes very quickly. Great stuff. Some excellent things there. Time to get busy.”

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