British-focused oil explorer UK Oil and Gas is to take a 10% stake in two onshore licences after buying up a pair of development firms.
The £290,000 deal will see the company take over Angus Energy Eakring and Angus Energy Kirlington, which have 10% stakes in the Nottinghamshire licences operated by Egdon.
“UKOG are looking forward to working on these exciting oil fields with Egdon, the operators of the Eakring-Dukes Wood and Kirklington oil fields, who are evaluating a short-term restart of production and a long-term growth plan for the fields,” said chairman David Lenigas
“This transaction is our second UK onshore oil investment and provides the Company exposure to two further conventional oil plays where we see significant upside potential going forward at a time of growing investment interest in the UK’s onshore hydrocarbon sector.”
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