Energy Voice | UKOG completes £6.6m Horse Hill acquisition

UK Oil and Gas (UKOG) has wrapped up a £6.6 million deal for 22% of Horse Hill Developments (HHDL) from Gunsynd, Primorus Investments and Solo Oil.

The acquisitions were first announced in August.

UKOG now owns 71.9% of HHDL and holds a 46.735% beneficial interest in the onshore Weald Basin licences PEDL137 and PEDL246.

The total consideration is comprised of £425,000 payable in cash and £6,175,000 in the form of the issue of new ordinary shares.

An application has been made for 328,858,149 new ordinary shares to be admitted to trading on AIM and it is anticipated that trading in such shares will commence on or around September 28.

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