StockMarketWire.com - UK Oil & Gas said it had completed the acquisition of an additional stake in the Horse Hill oil field near Gatwick Airport south of London.

The deal came via the purchase of Magellan Petroleum Investment Holdings from Tellurian Investments, for £12m in cash and shares.

The addition of Magellan's 35% direct interest in the Horse Hill oil field, held through the PEDL137 and PEDL246 licences, increased the company's holding in its flagship asset from 50.635% to a controlling 85.635%.

Ongoing civil works at Horse Hill were expected to be completed this week, with drilling expected to start before the end of September.



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