London-based UK Oil & Gas Investments Plc completed its acquisition of interests in license P1916, offshore the Isle of Wight, and onshore license PEDL 126, containing the Markwells Wood oil discovery, the company said March 12.
UK Oil & Gas gained a 7.5% interest in P1916 from Egdon (E&P) Ltd., a 5% interest in P1916 from Montrose Industries Ltd. and a 10% interest in PEDL126 from Egdon Resources U.K. Ltd.
The company has 77.5% working interest in P1916, and 60% in PEDL126.
When the agreement with Magellan Petroleum (UK) Ltd. is signed, UK Oil & Gas will gain full working interest in PEDL126, after acquiring Magellan’s 40% interest in it.
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