UK Oil and Gas Investments has increased its interest in the Horse Hill onshore discovery in the south of England.
The AIM listed firm has completed the acquisition of a 1.9% shareholding from Regency Mines plc for a total consideration of £323,000.
The move increases the company’s interest to 32.435% in the Weald Basin.
The Licences, covering an area of 55 square miles (143 km2) north of Gatwick Airport, contain the Horse Hill-1 (“HH-1”) Portland sandstone and Kimmeridge Limestone oil discoveries.
Flow testing has already shown an aggregate stable dry oil rate of 1,688 barrels of oil per day from the uppermost two Kimmeridge Limestone intervals and the overlying Portland reservoir.
Regulatory permissions are being sought for a signiﬁcant long-term production testing and appraisal programme.