UK Oil & Gas (UKOG)

Sector:

IT Hardware

Index:

FTSE AIM All-Share

1.16p
   
  • Change Today:
      0.11p
  • 52 Week High: 1.98
  • 52 Week Low: 0.83
  • Currency: UK Pounds
  • Shares Issued: 6,675m
  • Volume: 65,419,722
  • Market Cap: £77.28m
  • Beta: 0.02

Europa sells PEDL 143 interest to UK Oil & Gas

By Josh White

Date: Tuesday 16 Apr 2019

LONDON (ShareCast) - (Sharecast News) - UK and Ireland-focussed exploration, development and production company Europa Oil & Gas has conditionally agreed to sell its 20% interest in UK onshore licence PEDL 143 to UK Oil & Gas for a total consideration of £0.3m, it announced on Tuesday.
The AIM-traded firm said the sale was in line with its strategy to focus on its high-impact portfolio of exploration licences in Atlantic Ireland, its existing producing assets onshore UK, and the pursuit of new ventures in its chosen areas of interest - specifically the Atlantic seaboard, North Africa and north west Europe.

It said the sale remained subject to the signing of a sale and purchase agreement - the terms of which had been agreed by both parties - and also approval by the Oil and Gas Authority.

The sale would be settled in cash which, under the terms of the proposed sale and purchase agreement, Europa would then immediately, simultaneously and irrevocably use to apply for ordinary shares in UK Oil & Gas equal to £0.3m divided by 1.156p per share.

Europa said the consideration shares issued to Europa would be subject to a six month orderly markets provision.

"The sale of our remaining interest in PEDL 143 demonstrates how we actively manage our portfolio of licences on a risk [and] reward basis," said Europa chief executive officer Hugh Mackay.

"We will deploy corporate resources and capital elsewhere in our portfolio, mainly in monetising our industry-leading licence position offshore Ireland.

"Here gross prospective resources of up to 6.4 billion barrels of oil and 1.5 tcf of gas at our flagship Inishkea project have been identified, while farm-in negotiations are ongoing with a major international oil and gas company with a view to drilling up to three high impact wells from 2020 onwards."

Mackay said the company was continuing to look to maximise production from its UK onshore assets, including its three producing fields and the Wressle discovery in the East Midlands.

"Finally, we are closing in on adding a new exploration project to our portfolio, a high impact, new venture in Morocco which, in terms of size and company-making potential, is on a similar scale to our Irish licences.

"With so much activity underway across our portfolio, I look forward to providing further updates on our progress."

Email this article to a friend

or share it with one of these popular networks:


Note 1: Prices and trades are provided by Digital Look Corporate Solutions and are delayed by at least 15 minutes.

 

UK Oil & Gas Market Data

Currency UK Pounds
Share Price 1.16p
Change Today 0.11p
% Change 10.26 %
52 Week High 1.98
52 Week Low 0.83
Volume 65,419,722
Shares Issued 6,675m
Market Cap £77.28m
Beta 0.02

UK Oil & Gas Star Ratings

Compare performance with the sector and the market.
more star ratings
Key: vs Market vs Sector
Value
1.59% below the market average1.59% below the market average1.59% below the market average1.59% below the market average1.59% below the market average
7.69% above the sector average7.69% above the sector average7.69% above the sector average7.69% above the sector average7.69% above the sector average
Price Trend
74.54% below the market average74.54% below the market average74.54% below the market average74.54% below the market average74.54% below the market average
60% below the sector average60% below the sector average60% below the sector average60% below the sector average60% below the sector average
Income Not Available
Growth
1.30% above the market average1.30% above the market average1.30% above the market average1.30% above the market average1.30% above the market average
7.69% above the sector average7.69% above the sector average7.69% above the sector average7.69% above the sector average7.69% above the sector average

UK Oil & Gas Dividends

No dividends found

Trades for 15-Oct-2019

Time Volume / Share Price
14:59 60,000 @ 1.16p
14:58 303,878 @ 1.14p
14:58 36,225 @ 1.14p
14:57 28,999 @ 1.14p
14:54 258,621 @ 1.16p

UK Oil & Gas Key Personnel

CEO Stephen (Steve) Sanderson
Finance Director Kiran Morzaria

Top of Page