A group of UK junior oil firms reported Wednesday that they have submitted an application to the UK government for a license in the 14th Landward Licence Round.
Angus Energy, UK Oil & Gas and Solo Oil have applied for an approximately 75-square mile area of land covering the southern part of the Isle of Wight – which lies of England's south coast.
UK Oil & Gas said that an award of a license would complement its recent acquisition of NP Solent Limited – which operates the adjacent offshore Isle of Wight acreage (license P1916). UKOG said it believes that the large, un-drilled offshore exploration prospects extends into the adjacent onshore area – which is also believed to hold a number of other independent leads within the application area.
Should the license be awarded, Angus Energy would be the operator with a five-percent interest. UKOG and Solo Oil would have 65-percent and 30-percent stakes in the license respectively. Meanwhile, UKOG also holds a six-percent stake in Angus Energy.
UKOG Chairman David Lenigas commented in a company statement:
"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."
Solo Chairman Neil Ritson added in a separate statement:
"In line with its investment strategy Solo continues to look for attractive opportunities to expand its presence in oil and gas ventures primarily in Europe and Africa. The 14th Round presented a number of conventional oil prospects and we are pleased to extend our collaboration with Angus and UKOG into this area."
UKOG also announced Wednesday that it has entered into a $10-million debt facility with YA Global Master SPV to fund its further investment in the UK oil and gas sector.
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