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UK Oil and Gas Acquires Further Interest in PEDL143
Tuesday 23 April 2019

23 April 2019 - UK-based oil and gas company UK Oil and Gas plc (AIM: UKOG) has entered into a binding heads of terms with both Europa Oil and Gas Ltd. and Union Jack Oil plc to acquire their respective 20% and 7.5% interests in the highly prospective PEDL143 exploration licence, the company said.

Upon completion, the company will hold a majority operated 67.5% interest in the licence.
 
The licence contains the significant "A24" Portland and Kimmeridge oil prospect that is a direct geological look-alike to the company's Horse Hill oil field, situated on-trend some 8 km to the east.

Several smaller prospects of similar size to the nearby Brockham Portland oil field have also been identified.

Work is well advanced to find a suitable drilling location that is situated outside of the Surrey Hills Area of Outstanding Natural Beauty.
 
As previously reported in UKOG's latest Annual Report, it is the company's strategy to hold majority interests in key operated assets, particularly those that offer significant recoverable resource potential in the same Portland and Kimmeridge reservoir targets as the company's Horse Hill oil field.
 
The total considerations of GBP 300,000 and GBP 112,500 to Europa and Union Jack, respectively, with an effective date of 15 April 2019, will be satisfied through the issue of an aggregate total of 35,683,391 new ordinary shares in UKOG, with 25,951,557 and 9,731,834 consideration shares issued to Europa and Union Jack respectively.

The consideration shares are calculated based upon the five-day volume weighted average price to market close on Friday 12 February 2019 of 1.156 pence.
 
Completion of this acquisition is subject to the usual Oil and Gas Authority consent.
Details
Date Published: 23/04/2019
Target: PEDL143 exploration licence/further 27.5% interest
Country: UK
Deal Size: .535m (USD)
Sector: Petroleum/Natural Gas/Coal
Type: Corporate acquisition
Financing: Stock
Status: Agreed
Vendor: Europa Oil and Gas Ltd. and Union Jack Oil plc
Buyer: UK Oil and Gas
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