UK Oil & Gas plc (UKOG) announced it had paid the final instalment to PW Well Test Ltd for surface production equipment at Horse Hill oil field in Surrey.
In July 2020, the company bought the equipment from PW for £1.65 million.
This would be paid in three equal instalments of £550,000 either wholly in cash, or wholly in shares, or part cash/part shares at UKOG’s sole discretion.
The final payment was made via the issue of 262,759,440 UKOG shares, at a five-day volume weighted average price (VWAP) of £0.0021.