UKOG TO ACQUIRE A 20% INTEREST IN UK ONSHORE LICENCE PEDL143

UKOG announced that it has executed a Farm-In agreement with Egdon Resources to acquire 20% interest in UK onshore licence PEDL143 (Holmwood Prospect), further increasing its interest in the Weald Basin.

The prospect is 91.8 sq km (35.5 square miles) and lies immediate West of Horse hill, and immediate South of the Brockham oil field which UKOG also holds an interest via its 6% interest in Angus Energy.

Subject to the approval of the oil & Gas Authority in UK, UKOG wll pay 40% share (1.2 million Pounds) of the Holmwood-1 well exploration cost which is estimated at 3 million Pounds.