Kerman & Co LLP advises UK Oil & Gas Investments PLC on the acquisition of further interests in a key offshore oil licence
February 3, 2015
Kerman & Co. LLP advised UK Oil & Gas Investments PLC (“UKOG”) on its acquisition of a 5% interest in offshore licence P1916 from Montrose Industries Limited.
UKOG is the existing operator of this licence, which flanks the western part of the Isle of Wight. This acquisition takes UKOG’s operated interest in P1916 from 72.5% to 77.5%.
David Lenigas, the Company’s Chairman, commented: “Over the past few days, UKOG has increased its holding in P1916 from 65% to 77.5% by acquiring minority interests from partners in this prospective offshore licence. UKOG is optimistic about the potential of this offshore Isle of Wight licence, which contains the large, drill-ready M Prospect.”
Kerman & Co’s Natural Resources team advised UK Oil & Gas Investments PLC on the transaction.