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UKOG completes Weald Basin PEDL126 acquisition from Magellan

UK Oil and Gas now holds 100% interest in the Weald Basin onshore license PEDL126 after acquiring Magellan Petroleum’s 40% interest. The license contains the Markwells Wood-1 Great Oolite oil discovery. UKOG has now acquired interests in four UK onshore producing fields – Horndean (10%), Avington (5%), Lidsey (4.2%) and Brockham (3.6%) – as well as interests in three oil discoveries at Markwells Wood-1 (100%), Horse Hill-1 (20.358%) and Baxters Copse-1 (50%). UKOG is also the operator of the offshore Isle of Wight exploration license, P1916 (77.5%), and has applied for the contiguous onshore Isle of Wight acreage in the UK’s 14th Landward License Round. PEDL126 has an area of 11.2 sq km, comprising blocks SU/71a and SU/81a, and is ...

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