UK Oil gets £0.68m payment from Horse Hill Developments

8th Dec 2023 16:25

(Sharecast News) - UK Oil & Gas reported a positive financial development related to the Horse Hill oil field on Friday.

The AIM-traded firm said the field's operator, Horse Hill Developments (HHDL), had made a payment of £0.68m to UKOG.

It said the payment served as partial repayment of certain historic shareholder loans.

UKOG holds an effective 85.635% interest in the Horse Hill oil field and the surrounding PEDL137 licence.

Additionally, the company has a direct shareholding of 77.9% in HHDL.

The Horse Hill oil field's profitability enabled the payment, underscoring its ongoing economic viability.

At 1559 GMT, UK Oil & Gas shares were down 7.04% at 0.03p.

Reporting by Josh White for Sharecast.com.