Energy B (AQSE:NRGB) has signed agreements to acquire the remaining minority interests in the Gatwick energy site, taking its planned ownership from 85.635% to 100%, the AQSE-listed company said.
The deals cover London-listed Arkadian Strategic Metals plc's 18.1% stake and Australian-listed Azzuro Resources' 4% stake in Horse Hill Developments, the operating entity for the site known as Horse Hill, near Gatwick Airport.
The combined cost of the two stakes is £167,748, with a 10% deposit of £13,739 due to Arkadian now and the balance payable on closing.
Energy B has raised £100,000 at 12p a share to help fund the move, comprising a £50,000 firm placing of 416,666 new shares and a £50,000 conditional subscription from chairman David Lenigas, the latter subject to shareholder approval at the company's next scheduled meeting.
Part of the proceeds will go toward the Arkadian and Azzuro acquisitions, though the fundraise itself is not conditional on those deals completing; the remainder will fund working capital, overheads and technical work.
Arkadian will also receive 400,000 warrants at the placing price, valid for three years, in exchange for retiring its intercompany loans to the operating entity.
Completion of all three acquisitions at Horse Hill, including the majority interest in licence PEDL137 that Energy B agreed to buy from UK Energy in June, is conditional on approval from the North Sea Transition Authority for a change of control of the licence; the formal application was submitted on 30 September.
The discovery well at the site, HH-1, has produced approximately 211,651 barrels of oil to date; Energy B said it intends to use that production history to assess further oil and gas reserves at the site.
Production was voluntarily suspended from October 2024 after a Supreme Court judgment found Surrey County Council's 2019 planning consent unlawful for failing to assess downstream greenhouse gas emissions; Surrey County Council is currently evaluating a retrospective planning application aimed at restoring the field's production consent.