UK Oil & Gas Investments PLC LON:UKOG Chief Executive Officer Steven Sanderson explains the significant report on Horse Hill and talks about delivery times for the new find.
UK Oil & Gas Investments PLC LON:UKOG is specifically focused on seeking investments in the domestic conventional oil and gas sector in the UK. UKOG is a dynamic company that, in a very short time since its launch into oil and gas in 2013, has built up an exciting portfolio of production, development and exploration assets. UKOG has a 20% interest in Horse Hill Development Ltd (“HHDL”), a special purpose company that holds the rights to a 65% participating interest and operatorship in the highly prospective UK onshore Horse Hill Oil Field in the Weald Basin.
At the current oil price of around $58 a barrel, the amount of oil the report claims is lying under the West Sussex works out to be worth just under £336bn / $500bn. To put this into perspective it is just under one fifth of the amount that has come out of the North Sea in the past 40 years.
David Lenigas said this morning “The Weald Basin is 1,100 Sq miles and this discovery is very significant for UK. Very significant.” Mr. Lenigas has extensive experience operating in global public markets having served in a senior executive capacity on many public company boards. He is currently the Executive Chairman of Rare Earth Minerals Plc, AfriAg Plc LON:AFRI, Solo Oil Plc LON:SOLO, Inspirit Energy Holdings Plc and various other AIM companies. He has also served as Executive Chairman of London listed Lonrho plc for six years up to September 2012 and was responsible for Lonrho plc’s expansion into over 20 countries in Africa in sectors covering agriculture, infrastructure, hotels, IT and aviation, AfriAg Plc LON:AFRI is expected to become bigger than Lonrho.