UK Oil & Gas Investments (GB:UKOG) has released an update.
UK Oil & Gas Investments PLC (UKOG) has partnered with Envoi Limited to sell up to a 50% stake in their Loxley gas project, aiming to fund the upcoming appraisal drilling without additional company capital. The Loxley site, a significant UK onshore gas find, holds an estimated 31 billion cubic feet of gas, potentially worth up to £124 million. This move could expedite the project’s development and transition of resources to reserves without financial strain on UKOG.
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