UK Oil and Gas Investments (UKOGI) said today it has completed the previously announced acquisitions of interests in offshore licence P1916 (offshore Isle of Wight) and onshore licence PEDL 126 (containing the Markwells Wood oil discovery).
The licence interests acquired by UKOGI comprise a 7.5% interest in P1916 from Egdon (E&P), a 5% interest in P1916 from Montrose Industries and a 10% interest in PEDL126 from Egdon Resources UK.
UKOGI, which is focused on seeking investments in the domestic conventional oil and gas sector in the UK, said its interests in P1916 and PEDL126 were now 77.5% and 60% respectively.
The company’s total interest in PEDL126 will ultimately increase to 100% on completion of a signed agreement with Magellan Petroleum (UK) to acquire its 40% stake in the licence.
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