viewUK Oil & Gas PLC

UK Oil & Gas ups stake in Arreton project with Solo Oil deal

Its stake rises to 95% via the £350,000 transaction

oil and gas operations
The payment will be made up of cash and shares

UK Oil & Gas Plc (LON:UKOG) chief executive described himself as delighted with a deal to increase the explorer’s stake in the Arreton oil discovery, on the Isle of Wight, acquiring 30% from Solo Oil PLC (LON:SOLO).

UKOG will pay £350,000 to acquire the stake, to take its overall ownership of the project to 95%.

The consideration will comprise £90,450 of cash and the remainder will be made up of UKOG shares, some 17.98mln shares, priced at 1.4428p (the average market price over a five day period ended 10 December).

READ: Deluge of date shows Horse Hill’s Kimmeridge is “commercially viable”

"We are delighted to acquire this further substantial share of the Arreton oil discovery, giving the company a material 14.9 million barrels of net attributable discovered PEDL331 recoverable resources. 

“The first Arreton appraisal well, Arreton-3, is now scheduled to be drilled, cored and tested in the first quarter of 2020, with the drilling of the larger look-alike Arreton South exploration prospect planned to follow after completion of Arreton-3 flow testing.

“We look forward to starting the journey towards realising the Isle of Wight Licence's considerable conventional oil resource potential."

Quick facts: UK Oil & Gas PLC

Price: 0.195 GBX

Market: AIM
Market Cap: £21.39 m

Add related topics to MyProactive

Create your account: sign up and get ahead on news and events


The Company is a publisher. You understand and agree that no content published on the Site constitutes a recommendation that any particular security, portfolio of securities, transaction, or investment strategy is...



Pure Gold releases more impressive drill results from their underground work...

Pure Gold Mining (CVE: PGM- LSE: PUR) CEO Darin Labrenz joined Steve Darling from Proactive to discuss the company’s most recent drill results that show impressive numbers like 46.7 g/t gold over 7.0 metres and 57.0 g/t gold over 1.0 metre. Labrenz telling Proactive about that underground...

55 minutes ago

2 min read