Our team: Paul Airley
Fladgate LLP advised Angus Energy Holdings UK Limited, a UK onshore oil and gas development and production company, on the sale of its remaining interests in Weald Basin licences PEDL137 and PEDL246 to AIM-listed UK Oil & Gas Investments PLC. These licence areas contain the high profile Horse Hill-1 oil discoveries north of Gatwick Airport.
UK Oil & Gas acquired Angus Energy’s 7.8% beneficial interest in the licences via the purchase of Angus Energy’s remaining 12% shareholding in Horse Hill Developments Limited for an aggregate consideration of £1.8m, comprising £1m in cash and £0.8m in UK Oil & Gas shares. £200,000 of the cash element was paid by Angus Energy to the licence operator to reconcile cash calls for flow test operations on the HH-1 well.
The Fladgate team was led by corporate partner Paul Airley, assisted by corporate associate Victoria Miller.