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16 Apr 2019 | 09:28

UK Oil & Gas acquires Europa, Union Jack stakes in English prospect

UK Oil & Gas said it had agreed to up its interest to 67.5% in an exploration licence in southern England.

The company had agreed to acquire both Europa Oil and Gas and Union Jack Oil's respective 20% and 7.5% interests in the PEDL143 licence.

The total consideration of £300k and £112k to Europa and Union Jack, respectively, would be satisfied through the issue of 35.7m new UK Oil & Gas shares.

The licence contained the significant Portland and Kimmeridge oil prospect, which the company said was a direct geological look-alike to its Horse Hill oil field, situated on-trend some 8 km to the east.

Several smaller prospects of similar size to the nearby Brockham Portland oil field had also been identified.

At 9:28am:

(LON:EOG) Europa Oil Gas Holdings PLC share price was -0.05p at 2.8p

(LON:UJO) Union Jack Oil Plc share price was 0p at 0.1p

(LON:UKOG) UK Oil Gas Investments Plc share price was -0.01p at 1.13p

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