UK Oil & Gas plc has sold its subsidiary holding two minority interests in non-operated onshore oil licences in Hampshire for an aggregate £400,000 cash to Servatec Holdings Ltd.
VALUE
UKOG (GB) owns a 10% interest in PL211 containing the Horndean oil field, and a 5% interest in PEDL070 hosting Avington.
The company said that the book value of its subsidiary in the 2024 interim financial statements was £635,000.
Profit attributable to the subsidiary in 2023 was £140,000.
Completion of UKOG (GB)’s sale is subject to regulatory approval.
Based in Newark, Nottinghamshire, Servatec provides support activities for petroleum and natural gas extraction.
Chief executive Stephen Sanderson said: “This divestment is fully in keeping with the company’s stated transition away from hydrocarbons into the clean hydrogen storage and production sector, with the proceeds being utilised to further our subsidiary UK Energy Storage’s material salt cavern hydrogen storage projects in Dorset and Yorkshire.
“We wish Servatec well in their future stewardship of UKOG (GB)’s assets.”