Arkadian Strategic Metals (AIM:AKN), the AIM-listed gold and strategic metals explorer, announced it has signed a deal to sell its entire 18.1% stake in Horse Hill Developments to energy B, exiting its interest in the Horse Hill oil project in Surrey.
Under the Horse Hill deal, Arkadian will receive £137,386 in cash for its shares, which represent an effective 11.765% interest in Petroleum Exploration and Development Licence 137.
An initial non-refundable payment of £13,739 has already been made, with the remaining £123,647 due on completion.
Energy B will also grant Arkadian 400,000 warrants exercisable at 12p per share over three years, in exchange for the release of Arkadian's shareholder loan to Horse Hill Developments.
Arkadian's investment in Horse Hill Developments, including the shareholder loan, is currently carried at nil in its accounts.
Completion is tied to energy B's simultaneous acquisition of the majority Horse Hill interest from UK Energy, and depends on approval from the North Sea Transition Authority; energy B submitted that application on 30 September.
Action in Sweden
The company, meanwhile, said it will also pursue legal action in Sweden against McKnight Resources AB, its contractual counterparty on the Finnsbo gold exploration project, after McKnight purportedly terminated Arkadian's earn-in rights.
In Sweden, Arkadian said it has filed proceedings in the Stockholm District Court against McKnight Resources, the private Swedish company holding the Finnsbo 100 mineral exploration licence.
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Arkadian maintains it had earned a 25% interest in the project by satisfying the agreed Stage 1 exploration expenditure, and says McKnight moved to terminate those rights in November 2025 while Arkadian was still drilling the third and final hole of its programme, despite McKnight having helped design the programme and secure permits.
"The Board considers McKnight's actions in these circumstances, and its continuing refusal to recognise and give effect to Arkadian's contractual rights, to constitute serious and egregious breaches of contract," the company said.