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UKOG completes acquisition of additional Horse Hill stake

It takes UKOG's stake in the HHDL unit to 49.9%, meaning it now has a 32.435% interest in the underlying Horse Hill project

Onshore oil drilling
Horse Hill's potential was confirmed by breakthrough well success last year

UK Oil & Gas Investments PLC (LON:UKOG) told investors it has now completed its deal to acquire an additional 1.9% of the Horse Hill Developments Ltd (HHDL) vehicle from Regency Mines PLC (LON:RGM).

The transaction, first announced in early July, sees UKOG’s underlying beneficial interest in Weald Basin licences PEDL137 and PEDL246, which together host the Horse Hill oil project, increase up to 32.435%.

READ: UKOG shares trade positively on Broadford Bridge side-track news

UKOG paid £323,000 for the stake, comprising £54,498 in cash and £268,502 in new shares.

The HHDL vehicle holds 65% of Horse Hill, and following the Regency Mines transaction UKOG will own 49.9% of the unit. Magellan Petroleum owns the other 35% of the Horse Hill licences.

 

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