UK Oil and Gas acquires further interest in Horse Hill site

UK Oil and Gas Investments (UKOG) announced on Thursday that it had completed the acquisition of a further 1.9% in shares of Horse Hill Developments from Regency Mines, making the group a 32% shareholder in the onshore Weald Basin licenses.

The Portland sandstone and Kimmeridge Limestone oil discoveries on the Horse Hill-1 site cover an area of 55 square miles and produce an average of 1,688 barrels of oil per day.

Payment to Regency was made up of £54,498 in cash and £268,502 in the form of the issue of new ordinary shares in UKOG, making a total consideration of £323,000.

As of 1030 BST, shares were steady, up just 0.52% to 7.39p.