UK Oil & Gas PLC Horse Hill Farmin Update (2542W)
11 Dicembre 2023 - 8:00AM
UK Regulatory
TIDMUKOG
RNS Number : 2542W
UK Oil & Gas PLC
11 December 2023
UK Oil & Gas Plc
("UKOG" or the "Company")
Horse Hill Farmin Update
UK Oil & Gas Plc (London AIM: UKOG) is pleased to announce
that further to its announcement of 28(th) March 2023, the
Company's relevant subsidiaries and Pennpetro Energy Plc ("PPP")
have agreed to extend the conditional binding Horse Hill farm-in
term sheet until 30 June 2024, whereby PPP will farm-in to the
Horse Hill Oil Field on an incremental production only basis by
paying 100% of both a 12 km(2) 3D seismic survey and a new crestal
production well, Horse Hill-3 ("HH-3"). The farmin remains subject
to the completion of the formal farmin agreement and necessary
regulatory consents. The Company currently holds an effective
85.635% interest in Horse Hill and the surrounding PEDL137 and
PEDL246 licences.
As per the 28(th) March 2023 RNS, UKOG's subsidiaries will
retain 100% ownership and rights to all oil production and revenues
from Horse Hill-1 ("HH-1"), ownership of HH-2/2z and will remain as
the field and licence operator. Upon completion of a successful
farmin well by PPP, the Company's subsidiaries will hold a 51%
interest in all HH-3 production with UKOG's net effective interest
in HH-3 being 43.67%.
3D seismic acquisition is currently targeted for H1 2024.
Stephen Sanderson UKOG's Chief Executive commented:
"In addition to the continued profitability of the existing oil
production from HH-1, which UKOG's subsidiaries will retain all
rights to, this farmin offers the prospect of increased production
and revenues to the Company at zero capital cost, helping preserve
working capital for the Company's other significant growth
projects, Dorset hydrogen storage and Loxley conventional gas."
Qualified Person's Statement
Matt Cartwright, UKOG's Commercial Director, who has 40 years of
relevant experience in the global oil industry, has approved the
information contained in this announcement. Mr Cartwright is a
Chartered Engineer and member of the Society of Petroleum
Engineers.
For further information, please contact:
UK Oil & Gas Plc
Stephen Sanderson / Allen D Howard Tel: 01483 941493
WH Ireland Ltd (Nominated Adviser and Broker)
James Joyce / Andrew de Andrade / James Bavister Tel: 020 7220
1666
Communications
Brian Alexander
Tel: 01483 941493
The information contained within this announcement is deemed to
constitute inside information as stipulated under the retained EU
law version of the Market Abuse Regulation (EU) No. 596/2014 (the
"UK MAR") which is part of UK law by virtue of the European Union
(Withdrawal) Act 2018. The information is disclosed in accordance
with the Company's obligations under Article 17 of the UK MAR. Upon
the publication of this announcement, this inside information is
now considered to be in the public domain.
This information is provided by RNS, the news service of the
London Stock Exchange. RNS is approved by the Financial Conduct
Authority to act as a Primary Information Provider in the United
Kingdom. Terms and conditions relating to the use and distribution
of this information may apply. For further information, please
contact rns@lseg.com or visit www.rns.com.
RNS may use your IP address to confirm compliance with the terms
and conditions, to analyse how you engage with the information
contained in this communication, and to share such analysis on an
anonymised basis with others as part of our commercial services.
For further information about how RNS and the London Stock Exchange
use the personal data you provide us, please see our Privacy
Policy.
END
UPDTMBATMTIBBMJ
(END) Dow Jones Newswires
December 11, 2023 02:00 ET (07:00 GMT)
Grafico Azioni Uk Oil & Gas (LSE:UKOG)
Storico
Da Apr 2024 a Mag 2024
Grafico Azioni Uk Oil & Gas (LSE:UKOG)
Storico
Da Mag 2023 a Mag 2024