UK Oil & Gas (AIM:UKOG) agreed to sell its entire 85.635% interest in the Horse Hill field and its surrounding PEDL137 licence to energy B for a cash consideration of £1m.
Energy B is listed on the London Aquis exchange and UK Oil & Gas, an AIM-listed oil and gas company, said it will use the proceeds to progress two material UK salt cavern energy storage projects and new international energy opportunities under active review.
"This divestment completes UKOG's exit from the UK onshore oil & gas sector and frees our team to focus on two material UK salt cavern energy storage projects and new international energy opportunities," Stephen Sanderson said.
In return for the cash consideration, energy B will acquire UKOG (137/246), which holds a 35% working interest in Horse Hill and PEDL137.
