Sale of Horse Hill PEDL137 Interests
Summary by AI BETAClose X
The information contained within this announcement is deemed by the Company to constitute inside information under the Market Abuse Regulation (EU) No. 596/2014, as it forms part of UK domestic law by virtue of the European Union (Withdrawal) Act 2018. Upon publication of this announcement, this information is now considered to be in the public domain.
UK Oil & Gas PLC
("UKOG" or the "Company")
Sale of Horse Hill PEDL137 Interests
UK Oil & Gas PLC (London AIM: UKOG) is pleased to announce that the Company has agreed the sale of its entire 85.635% interest in the Horse Hill field ("HH") and its surrounding PEDL137 licence to energy B PLC ("energy B"), an energy company listed on the London Aquis exchange, for a cash consideration of £1,000,000. The Company intends to use the consideration to progress its two material UK salt cavern energy storage projects and new international energy opportunities under active review.
Completion of the sale is conditional upon the normal UK petroleum sector regulatory consent and energy B gaining shareholder approval for the transaction at a general meeting scheduled to be held in early July.
Stephen Sanderson, the Company's Chief Executive commented:
"Whilst the Company recognises that potentially material resources likely remain within HH, this divestment presents a timely and attractive opportunity to complete UKOG's exit from the UK onshore oil & gas sector, freeing our team and resources to focus upon our two material UK salt cavern energy storage projects and new international energy opportunities under active review. We wish energy B well in its future stewardship of Horse Hill and in realising its ambition to deliver the field's full remaining potential."
Further Details
In return for the cash consideration, energy B will acquire the following UKOG assets:
· UKOG (137/246) Ltd, which holds a 35% working interest in HH and PEDL137 and;
· UKOG's 77.9% shareholding in Horse Hill Developments Ltd ("HHDL"), which holds a 65% operated interest in HH and PEDL137. The Company's HHDL shareholding equates to a 50.635% working interest in HH and PEDL137.
As of year-end 30th September 2025, the Company carried an aggregate value of £55,360 for its HH interests, reflecting the significant £3.2 million cumulative impairment charges recognised in its most recent accounts published on 1st October 2025 and 5th May 2026. At year-end, 30th September 2025, the HH assets reported an aggregate loss of £1,552,158 comprising operational losses of £571,158 arising from the field's production suspension over the majority of the financial year (see RNS of May 6th 2026), and £981,000 of costs and charges related to HHDL shareholder and intercompany loans.
For further information, please contact:
UK Oil & Gas Plc
Stephen Sanderson / Kris Bone / Guzyal Mukhametzhanova Tel: 01483 941493
Zeus (Nominated Adviser and Broker)
James Joyce / James Bavister / Andrew de Andrade Tel: 0203 829 5000
CMC Markets (Joint Broker)
Douglas Crippen Tel: 0203 003 8632
Communications
Brian Alexander Tel: 01483 941493
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.
Latest directors dealings
- 1 day ago Savannah Energy
- 1 day ago Buccaneer Energy PLC
- 1 day ago Savannah Energy
- 1 day ago Carclo
- 1 day ago Schroder Japan Growth Fund