UK Oil & Gas PLC (UKOG) is an ambitious oil and gas exploration company, striving to support the drive for increased energy security for the United Kingdom while ensuring the preservation of the natural beauty of the Weald Basin region.
UKOG are the company behind the exploration well at Broadford Bridge in West Sussex and a leading investor at Horse Hill, dubbed the “Gatwick Gusher”. Listed and trading on London’s Alternative Investment Market (AIM), they have a portfolio of direct and indirect investments in 8 UK onshore exploration, appraisal, development and production assets.
RiverFort participated in a loan agreement with UKOG worth £5.5 million to help UKOG with the purchase of Magellan Petroleum (UK) Investment Holdings Limited. The Loan attracts 0% interest and may, at the sole discretion of the Investors, be converted into new ordinary shares in the Company.
On the announcement of the deal Stephen Sanderson, UKOG’s Chief Executive said:
“This transformational acquisition, the largest in UKOG’s 6 year history as an oil and gas company, boosts UKOG’s net share of its flagship Horse Hill asset by a significant 69% from a 50.635% to an 85.635% net interest, providing the Company with the lion’s share of future production revenues and reserves, together with absolute control over the field’s future development and progress.”
Use of Proceeds
Company acquisition
