UK Oil & Gas Completes Acquisition of Onshore, Offshore Interests

UK Oil & Gas announced Thursday that it has completed its acquisition of interests in offshore license P1916 and onshore license PEDL126 on the UK Continental Shelf.

The interests acquired by UKOG comprise: 7.5-percent of P1916 from Egdon (E&P) Limited, five percent in P1916 from Montrose Industries Limited; and 10 percent of PEDL126 from Egdon Resources UK Limited.

Consequently UKOG's interests in P1916 and PEDL126 are now respectively 77.5 percent and 60 percent. The firm's total interest in PEDL126 is set to increase to 100 percent upon completion of signed agreements with Magellan Petroleum (UK) Limited to acquire its 40-percent interest in the license.

P1916 is located immediately offshore the Isle of Wight, off southern England. On this license, UKOG is investigating the possibility that early oil-mature Kimmeridge Clay hot shales might have directly-charged interbedded Kimmeridge limestones – analogous to those found in the Kimmeridge Bay and Balcombe fields.

PEDL126 contains the Markwells Wood discovery, which was made in 2011. An extended well-test program over a six-month period from end 2011 to May 2012 produced 3,931 barrels of oil. The peak flow rate over a 24-hour period was approximately 100 barrels per day.

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