Todays guests are Andrew Bell and Scott Kaintz from Regency Mines (LON:RGM ) who join us on the show to discuss their announcement of 10th July regarding the Company's agreement to sell 19 of the 50 shares it owns in Horse Hill Development Limited. Full details can be found here:
Andrew Bell, Regency Chairman, stated: "With this transaction we retain a direct interest in the promising Horse Hill assets, but also gain exposure to Horse Hill and other key Weald Basin assets through a holding in UKOG.
We set a new benchmark price on our holding, and increase the liquidity of our assets and realise a holding gain.
We look forward to participating in the active exploration of the Weald Basin, which we expect to continue as the potential of this new hydrocarbon province is increasingly recognised."
Later in the day, UK Oil and Gas (LSE:UKOG) announced that that it has successfully completed the drilling and coring programme through the entire Kimmeridge Limestone (KL1 to KL4) target section at its 100% owned Broadford Bridge-1 ("BB-1") exploration well located in licence PEDL234. In the Company's opinion, the evidence of mobile light oil in core, drill-cuttings, and drilling fluid, plus wet gas readings throughout the entire naturally fractured Kimmeridge KL1-KL4 limestone and shale target section, from 4,018-5,508 ft MD, is supportive that a significant 1,490 ft thick continuous oil deposit has been demonstrated at BB-1.
Full details can be found here:
UKOG shares reacted strongly to this news closing up 20% and valuing RGM's stake in UKOG now at around £646k.
We hope you enjoy listening
You can read MiningMaven's view on this transaction here: https://bit.ly/2uKpNRj
This interview as recorded on Monday 10th July 2017
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