London listed UK Oil & Gas Investments PLC has announced that it has increased its direct interest from 20% to 28% in Horse Hill Developments Ltd, the 65% owners and operators of onshore exploration licences PEDL 137 and PEDL 246. The additional 8% interest was acquired from Angus Energy Limited for a cash consideration of £580 000. In addition UKOG also has a 1.32% indirect interest in Horse Hill via its 6% interest in Angus Energy Limited.
The Horse Hill-1 well is located within onshore exploration License PEDL 137, on the northern side of the Weald Basin near Gatwick Airport. UKOG now owns a 28% direct interest in HHDL. HHDL is a special purpose company that owns a 65% participating interest and operatorship of Licence PEDL 137 and the adjacent Licence PEDL 246 in the UK Weald Basin. The participants in the Horse Hill-1 well are HHDL with a 65% working interest and Magellan Petroleum Corporation with a 35% interest.
Adapted from press release by Joseph Green