Kerman & Co LLP advises UK Oil & Gas Investments PLC on the acquisition of further interests in its core UK oil assets
February 2, 2015
Kerman & Co LLP advised UK Oil & Gas Investments PLC (“UKOG”) on the acquisition of further interests in 2 core assets in its Southern UK oil exploration portfolio.
The transaction allowed UKOG to build its stake in offshore licences P1916 and PEDL126 which it acquired through the acquisition of Northern Petroleum’s UK assets in October 2014.
These acquisitions take UKOG’s operated interest in P1916 (located immediately offshore of the Isle of Wight), from 65% to 72.5% and in PEDL126 (in the Weald Basin) from 50% to 60%.
Commenting on the acquisition, UKOG’s Chairman David Lenigas commented: “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.”
Kerman & Co’s Corporate and Capital markets team advised UK Oil & Gas Investments PLC on the transaction.