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Energy B moves to full ownership of Gatwick energy site and raises 100,000 pounds

BullishMedium impact
NRGBGBX 12.08 −0.10%

Energy B plc (AQUIS:NRGB) has secured agreements to take full ownership of the Gatwick energy site near London Gatwick Airport, increasing its interest from 85.635% to 100%. The company is buying minority holdings from Arkadian Strategic Metals plc and Azzuro Resources for a combined £167,748. To help fund the acquisition and support working capital, Energy B is raising £100,000 at 12 pence per share, combining a £50,000 share placing with a £50,000 conditional subscription from Chairman David Lenigas.

Consolidating ownership gives the company complete operational control over the Horse Hill field, simplifying decisions regarding future development and regulatory discussions. The site contains the HH-1 discovery well, which has produced over 211,000 barrels of high-quality oil to date. Full ownership allows Energy B to streamline its plans to reopen the site and supply oil to domestic markets, including the Fawley refinery near Southampton.

Completion of the transactions relies on approval for the license transfer from the UK North Sea Transition Authority, following a formal submission made on 30 September 2026. Energy B aims to restart production in early 2027, though exact timing depends on Surrey County Council reviewing a retrospective planning application submitted after a 2024 Supreme Court ruling.

Key points

  • Energy B plc is acquiring remaining minority stakes from Arkadian Strategic Metals plc and Azzuro Resources for 167,748 pounds to reach 100 percent ownership of the Gatwick site.
  • The company is raising 100,000 pounds at 12 pence per share through a 50,000 pound share placing and a 50,000 pound conditional subscription from Chairman David Lenigas.
  • License ownership transfers require formal approval from the UK North Sea Transition Authority.
  • Energy B aims to restart production at the site in early 2027, subject to planning approval from Surrey County Council.

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Questions and answers

How much is Energy B paying to take full control of the Gatwick site?

Energy B is paying a combined 167,748 pounds to acquire the minority interests from Arkadian Strategic Metals plc and Azzuro Resources.

When does Energy B expect to restart oil production at Gatwick?

Energy B hopes to resume production in early 2027, depending on ongoing planning assessments with Surrey County Council and approval from the North Sea Transition Authority.

How is Energy B funding the Gatwick site acquisition?

The company is raising 100,000 pounds by issuing new shares at 12 pence each, including a 50,000 pound subscription from Chairman David Lenigas and a 50,000 pound share placing.