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UK Oil & Gas raises stake in Horse Hill

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UK Oil & Gas (LON:UKOG) has increased its direct interest in Horse Hill Development Ltd to 28% from 20% through the acquisition of 8% from Angus Energy for £580,000.

In addition, UKOG also has a 1.32% indirect interest in Horse Hill via its 6% interest in Angus Energy Limited.

Participants in the Horse Hill-1 well are HHDL, a consortium with a 65% working interest, and Magellan Petroleum with the remaining 35%.

The other investors in the consortium include Solo Oil (LON:SOLO), Doriemus (LON:DOR), Stellar Resources (LON:STG), Alba Minerals (LON:ALBA) and Regency Mines (LON:RGM).

Shares in UK Oil and Gas rose 3% to 0.6p.

Quick facts: UK Oil & Gas PLC

Price: 0.942 GBX

AIM:UKOG
Market: AIM
Market Cap: £65.69 m
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