UK Oil & Gas PLC (AIM:UKOG) announced it is selling the UKOG (GB) subsidiary for £400,000, in cash, to Servatec Holdings Limited.
UKOG (GB) holds minority, non-operated stakes in two onshore UK petroleum licences in Hampshire - a 10% interest in the Horndean oil field, and 5% of the Avington oil field.
These assets had a book value of £635,000 in the firm’s 2024 interim accounts, and, in 2023, the subsidiary contributed a profit of £140,000.