UK Oil & Gas agrees partnership deal with Angus Energy

20th Mar 2014 13:52

UK Oil & Gas has entered into a 50/50 partnership agreement with onshore operator Angus Energy ahead of the upcoming UK Department for Energy and Climate Change's (DECC) 14th onshore oil and gas bid round expected in second quarter this year.Angus Energy, which is 6%-owned by UK Oil & Gas, holds an exploration and production operator's licence through the DECC and operates the conventional onshore Lidsey and Brockham oil fields located in the Weald Basin. Any licences secured will be funded on a 50/50 basis, with Angus taking on the role of operator. David Lenigas, the Company's Chairman, said: "UKOG sees the 20-year history of Angus Energy as one of the few experienced licenced UK oil and gas operators, as being important in securing additional licences in the expected upcoming 14th bid round."UK Oil & Gas shares climbed 15.36% to 0.635p by 14:03. NR