UK Oil and Gas Plc announced on 7 August 2019 that it has agreed to acquire Magellan Petroleum (UK) Investment Holdings Limited 35% interest in PEDL 137 and PEDL 246 which hosts the Horse Hill field for a total consideration of GBP 12 million. Magellan is owned by Tellurian Investments LLC. Following completion of the deal UKOG Horse Hillâs net interest will increase from 50.635% to 85.635%. The deal will give UK Oil and Gas full operatorship for the forward drilling programme and production schedule. Following completion of the deal the drilling of the HH-2/2Z Portland horizontal well will follow shortly.   Horse Hill is located in the Weald Basin and comprises of two fractured limestone members within the Kimmeridge section and an overlying Portland Sandstone reservoir which have all flowed oil. The field was discovered back in 2016. Extended Well Tests and production has been run on the field since 2018. In late summer 2019 it was reported that in total, from all horizons 60,186 barrels of oil had been produced. The drilling of HH-2/2Z is planned to commence in later summer 2019.
UK Oil and Gas Plc announced on 7 August 2019 that it has agreed to acquire Magellan Petroleum (UK) Investment Holdings Limited 35% interest in PEDL 137 and PEDL 246 which hosts the Horse Hill field for a total consideration of GBP 12 million.