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  • UKOG net share of Horse Hill oil field increases to 86% via purchase of Tellurian's 35% interest
    édité le 07/08/2019 - Plus de news de "UKOG" - Voir la fiche entreprise de "UKOG"

UKOG net share of Horse Hill oil field increases to 86% via purchase of Tellurian's 35% interest
UK Oil & Gas PLC (London AIM: UKOG) is pleased to announce that it has signed a binding heads of terms with Tellurian Investments LLC ("Tellurian") to acquire the entire share capital of its subsidiary Magellan Petroleum (UK) Investment Holdings Limited ("Magellan") for a total consideration of £12 million in cash and shares. Magellan holds a 35% direct interest in the Horse Hill oil field and surrounding highly prospective PEDL137 and PEDL246 licences, UKOG's flagship asset.

Upon completion of a share purchase agreement ("SPA"), this key acquisition will see UKOG's Horse Hill net oil sales revenues, net reserves and recoverable resources increase by over 69% from our current 50.635% interest to a material 85.635% net share. Crucially, the acquisition will also give the Company full control over the forward Horse Hill drilling programme and production schedule, together with sole ownership of the Horse Hill oil field site lease.

As a consequence of this transaction, drilling of the much-anticipated HH-2/2z Portland horizontal well will follow very shortly after completion of the SPA.

This acquisition is in accordance with UKOG's stated business plan to further consolidate its position in key assets with near term cash generation potential. The acquisition is fully funded primarily by current cash reserves and partly by a convertible loan, which the company has entered into today, but has not yet drawn down.

It should be noted that the cash consideration will not impact UKOG's ability to fund the forthcoming Horse Hill 2/2z drilling and extended testing campaign, as cash funds for its full 85.635% share were set aside and ringfenced internally in Spring of this year. The convertible loan detailed below also ensures full funding for UKOG's increased share of future production facilities costs and other near-term surface, subsurface and regulatory costs necessary to bring the field into long-term production.

Transaction details

The £12 million total consideration payable to Tellurian comprises:

- An £8 million initial payment on SPA Completion (£5 million in cash and £3 million in UKOG shares).

- A £3 million deferred payment, on or before 31 December 2019, in UKOG shares.

- A £1 million second deferred payment, on or before 31 March 2020, in UKOG shares.

- The number of consideration shares issued will be calculated by the payment amount divided by the 10-day volume weighted average price ("VWAP") prior to the respective payment due date. At its sole discretion, UKOG can also elect to pay all or part of the deferred and second deferred payments in cash.

- Tellurian's dealing in UKOG consideration shares is to be subject to a 6-month orderly market provision.

Whilst this corporate transaction does not strictly require formal Oil and Gas Authority ("OGA") consent, OGA has informed the Company that they have no objections to the acquisition and that they will provide the customary "comfort letter" to this effect regarding the change in control of a licensee.

About UKOG

UKOG focusses primarily on oil and gas assets located in the Weald Basin in southern England where oil and gas drilling has been taking place for well over 100 years. Modern technologies have dramatically altered the methodology of the business – and subsequently drastically reduced the environmental impact for local communities and residents.

About Tellurian Inc.

Tellurian (NASDAQ: TELL) was founded by Charif Souki and Martin Houston and is led by President and CEO Meg Gentle. Tellurian intends to create value for shareholders by building a low-cost, global natural gas business, profitably delivering natural gas to customers worldwide. Tellurian is developing a portfolio of natural gas production, LNG trading, and infrastructure that includes an ~27.6 mtpa LNG export facility and an associated pipeline. Tellurian is based in Houston, Texas, and its common stock is listed on the Nasdaq Capital Market under the symbol “TELL.”

Origine : Communiqué UKOG

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