AIM-listed firm UK Oil and Gas Investments has completed a £5.5m fundraising to fund its portion of an appraisal well at the Horse Hill site near Gatwick airport.
UK Oil & Gas responded to media speculation on Friday, confirming that is it considering raising funds.
UK Oil & Gas Investments has been informed by its wholly-owned subsidiary, Kimmeridge Oil & Gas, that the Oil and Gas Authority has extended the licence term of its 100%-owned PEDL 234 licence from 30 June this year until 31 December 2023, it announced on Thursday.
AIM-listed firm UK Oil and Gas Investments saw its operating loss narrow 18.9% to £2.39m in 2017, thanks to lower consultant and administrative costs, but its overall loss for the year of £2.27m was 14% wider as a result of a £1.03m credit to its income statement.
Horse Hill Developments, the operator of its PEDL137 and PEDL246 licences, has received final decision notices to allow test-drilling at the Surrey site to begin, boosting shares in UK Oil & Gas and other investors.
London-based firm UK Oil and Gas Investments announced on Wednesday that it would not be seeking a further extension to its P1916 licence offshore of the Isle of Wight.
UK Oil & Gas Investments (UKOG) lost a quarter of its value after it said a zone at its Weald Basin operation was probably not viable.
UK Oil and Gas Investments (UKOG) announced on Tuesday that key contracts and requisite funding commitments had been put in place to begin production flow testing at its Horse Hill-1 interest in the Weald Basin.
AIM-listed firm UK Oil and Gas Investments (UKOG) announced on Wednesday that the Planning Committee of West Sussex County Council had unanimously approved a one-year extension to the group's existing planning permission at its wholly owned PEDL234 licence outside Crawley.
Drilling at the Horse Hill development not far from Gatwick airport has been given the go-ahead by the Environment Agency but the six AIM companies backing the project still need long-awaited council planning approval, which could be decided next month.
UK Oil and Gas Investments (UKOG) announced on Thursday that it had completed the acquisition of a further 1.9% in shares of Horse Hill Developments from Regency Mines, making the group a 32% shareholder in the onshore Weald Basin licenses.
Solo Oil announced that a decision on its Horse Hill planning application would be taken at one of the scheduled Surrey County Council Planning Committee's meetings in autumn 2017.
UK Oil & Gas and its partners in the Horse Hill Developments (HHDL) company drilling for oil close to Gatwick Airport, have applied for planning permission with Surrey County Council for a further round of drilling.
UK Oil & Gas Investments on Friday announced it has bought a further interest in the Horse Hill-1 oil discovery.
The Horse Hill project in Surrey looks like providing a bonanza for the range of AIM-listed companies involved after a near trebling of oil in place estimates to 22.9m barrels per square mile.
Oil has continued to flow naturally from a discovery well near Gatwick Airport owned by a consortium of oil exploration companies, with the first two tankers of crude sent for refining.
First ever crude oil has flowed at encouraging levels from the Horse Hill discovery well being drilled in the Weald Basin near Gatwick Airport, as anti-fracking protests reconvened nearby.
UK Oil & Gas Investments (UKOG) revealed on Monday that operations were finally starting at the Horse Hill site, with the extended flow test being conducted over three separate zones within the HH-1 discovery well by Horse Hill Developments Limited (HHDL).
UK Oil and Gas (UKOG) said it has begun working on a field development plan after its extension plans for the Markwells Wood-1 well in West Sussex was given the green light by local authorities.
Surrey County Council has granted permission to drill an exploratory borehole at the Holmwood prospect.