UK Oil & Gas acquires remaining stake in Weald Basin onshore licence

Investment group UK Oil & Gas has acquired the remaining 40% stake in the Weald Basin onshore licence PEDL126 from Magellan Petroleum.

The London-listed group said its interest in the Essex-based project, which contains the Markwells Wood-1 Great Oolite oil, was now 100%.

The Markwells Wood-1 discovery was drilled in 2011 and an extended well test programme was carried out between November 2011 and May 2012, producing 3,931 barrels of oil.

The peak flow rate over a 24-hour period was approximately 100 barrels of oil per day, the company said.

UKOG shares were down 4.32% to 2.15p at 08:35 on Monday.