UKOG boosts stake in licence off Isle of Wight
UK Oil & Gas Investments (UKOG) has yesterday completed the acquisitions of interests in offshore licence P1916 (offshore Isle of Wight) and onshore licence PEDL 126 (containing the Markwells Wood oil discovery).
The licence interests acquired by UKOG comprise: A 7.5% interest in P1916 from Egdon (E&P) Limited; A 5% interest in P1916 from Montrose Industries Limited; A 10% interest in PEDL126 from Egdon Resources U.K. Limited.
UKOG’s interests in P1916 and PEDL126 are now respectively 77.5% and 60%.
The company’s total interest in PEDL126 will ultimately increase to 100% upon completion of the signed agreement with Magellan Petroleum (UK) Limited to acquire their 40% interest in the licence.