Horse Hill Oil Project Sold for £1 Million as UKOG Exits Onshore Gas Business
UKOG's exit from the onshore oil and gas business in the UK has marked the beginning of a new era for the Horse Hill project. After investing over £25 million in developing the site, the company sold its interests to Energy B for just £1 million.
The sale is seen as a strategic move by UKOG to refocus on energy storage activities, but it also means that hydrocarbon exploration at Horse Hill may continue under new ownership. Energy B has submitted a new planning application to Surrey County Council to develop four production wells and facilities related to crude oil handling.
However, the project's future is once again dependent on regulatory approval, following a landmark Supreme Court decision in 2024 that introduced stricter environmental assessment requirements for fossil fuel developments.