UK Oil and Gas (UKOG) has submitted a bid for a 200km area covering the Southern part of the Isle of Wight as part of the UK 14th landward licence round.
The company said its board had drawn the first $1million of a new $10million unsecured debt facility to submit its application.
The proposed interests in the bid are the operator Angus Energy with a 5% share, Solo Oil with a 30% share and UKOG with a 65% share.
Angus Energy operates the conventional onshore Lidsey and Brockham oil field located in the Weald Basin and is the designated operator of the Horse Hill development.
UKOG said the application would complement its recent acquisition of NP Solent Limited, the operator of the adjacent offshore Isle of Wight acreage.
Chairma, David Lenigas, said: “UKOG has rapidly grown its investment portfolio of UK oil and gas production and exploration investments and the Board is keen to continue expanding this portfolio.
“The board intends that the new debt facility will be used to fund further potential farm-ins and investments in the oil and gas sector, including our application submitted in the UK 14th Round.
“UKOG is pleased to continue our successful relationship with Angus Energy and Solo Oil.
“Our 14th round application builds on UKOG’s recent acquisition of Northern Petroleum Plc’s UK assets where UKOG is excited about the oil and gas exploration potential of the Isle of Wight, both onshore and offshore.”
