UK Oil & Gas Boosts its Stake in Horse Hill

Junior energy firm UK Oil & Gas Investments announced Monday that it has increased its direct interest in Horse Hill Developments Limited from 20 percent to 28 percent.

HHDL holds a 65-percent interest in the UK onshore exploration licenses PEDL137 and PEDL246, both located in the Weald Basin in southern England. The Horse Hill-1 well made an oil discovery of up to 20 million barrels near Gatwick Airport in late October last year.

UK Oil & Gas's additional eight-percent interest was acquired from Angus Energy in return for a cash payment of GBP 580,000 ($875,000).

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