Oil company to invest £1.5m in area’s two extraction sites

Picture: Malcolm Wells

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FRESH investment is coming to the region’s oil fields.

UK Oil & Gas Investments is buying assets from Northern Petroleum’s sites at Horndean and Markwells Wood, near Rowlands Castle.

The deal is worth around £1.5m and gives the company a 10 per cent stake at the Horndean field. Fifty per cent of the Markwells Wood site will now be owned by the firm UK Oil & Gas Investments.

Earlier this year Northern Petroleum decided to relinquish its licence on a two-acre field off Hulbert Road, near Asda at Bedhampton.

An access road and preparatory work was carried out, but a testing rig was never built due to limited interest.

David Lenigas, chairman of UK Oil & Gas Investments, said acquiring part of the Horndean site was a ‘significant new investment’ and looked forward to working with IGas, the other operator of the Horndean oil field.