Takeover of oil drilling

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AN OIL company has completed its takeover of an exploration site.

UK Oil & Gas has reported it has a 100 per cent interest in the Markwells Wood site, in Forestside, near Rowlands Castle.

Part of the site was previously owned by Magellan Petroleum.

Tests so far show the site could produce 100 barrels of oil per day.

Chief executive Stephen Sanderson said: ‘The company is delighted to now include 100 per cent of the Markwells Wood discovery to its growing and exciting Weald Basin portfolio. We thank Magellan for their stewardship of the asset over the years. We are now finalising our evaluation of the Markwells Wood asset and will report on our findings later this year.’