UK Oil & Gas Investments (UKOG) has agreed to acquire interests in two non-core licences in Southern England from Egdon Resources.
The company will acquire a 7.5% interest in P1916 offshore licence in the Isle of Wight and a 10% interest in Weald Basin PEDL126 licence.
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The transaction is subject to the normal regulatory approvals and UKOG is buying the stakes for a nominal consideration of £10,000.
UKOG’s stakes rise to to 72.5% and 60% with the acquisitions in the P1916 and PEDL126 licences respectively.
UKOG chairman David Lenigas said: "UKOG is optimistic about the potential of the offshore Isle of Wight licence, which contains the large drill ready M Prospect, and also about the Markwells Wood-1 oil discovery, which lies immediately adjacent to and within the mapped oil water contact of the producing Horndean oil field in which UKOG has a participating interest."
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UKOG had earlier indicated in P1916 licence that it is investigating the possibility that early oil-mature Kimmeridge Clay hot shales might have directly charged interbedded Kimmeridge limestones.
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By GlobalDataThe company said it is analogous to the Kimmeridge Bay and Balcombe fields, and as interpreted from the preliminary results of the recent Horse Hill-1 well in which UKOG has a stake.
UKOG has applied for the onshore acreage adjacent to P1916 in the UK 14th Landward Licencing Round.
