energy B plc, a company listed on the AQSE Growth Market (NRGB), has agreed to buy the remaining shareholdings in Horse Hill Developments Limited (HHDL), the operator of the oil and gas site near Gatwick Airport known as the Gatwick Gusher. The deals, announced on 20 October 2026, would give the company full ownership of the site if they complete, and all three of its acquisitions are subject to regulatory approval.
What energy B has agreed to buy
According to energy B, it has agreed to buy the 18.1% stake held by Arkadian Strategic Metals plc and the 4% held by Azzuro Resources in HHDL. These follow its June agreement to buy the majority interest held by UK Oil & Gas plc (UKOG).
Arkadian’s own announcement on 20 October confirms the sale of its entire 18.1% shareholding in HHDL, which it said represents an effective 11.765% interest in Petroleum Exploration and Development Licence 137 (PEDL137). Arkadian disclosed cash consideration of £137,386 for the shares. It also said energy B will grant 400,000 warrants over its ordinary shares, exercisable at 12 pence per share for three years, in exchange for the release of Arkadian’s shareholder loan to HHDL.
DrillOrDrop reported on 20 October that energy B said the Arkadian and Azzuro stakes together cost £167,748. The report did not split the price between the two sellers, and the price paid to Azzuro alone is not disclosed in the sources reviewed.
UKOG’s announcement of 12 June 2026 said it had agreed to sell its entire 85.635% interest in Horse Hill and PEDL137 to energy B for £1,000,000 in cash. That interest comprises UKOG (137/246) Ltd, which holds a 35% working interest, and UKOG’s 77.9% shareholding in HHDL. UKOG chief executive Stephen Sanderson said the sale “presents a timely and attractive opportunity to complete UKOG’s exit from the UK onshore oil & gas sector”.
Regulatory approval still needed
Arkadian said completion remains “subject, inter alia, to the required approval of the North Sea Transition Authority” for PEDL137, and that it will occur at the same time as energy B’s acquisition of the majority interest. The company added that energy B had advised that the relevant application was submitted to the regulator on 30 September 2026. No completion date has been given.
The NSTA’s change of control guidance states that the regulator’s prior consent must be obtained before a change in control of a licensee company occurs. DrillOrDrop reported that, asked whether the UKOG deal had been approved, the NSTA said it could not comment on individual cases.
energy B said it has also raised further equity to help fund the purchase. DrillOrDrop reported that the company has firm commitments to raise £100,000 through share issues, including a £50,000 conditional subscription from chair David Lenigas.
What the company said
Neil Ritson, Chief Executive of energy B, said:
“These agreements give us total control of the Gatwick energy site. That lets us take a far more streamlined, fast-track approach to developing the field and working with the UK Government and regulators.
“We believe oil and gas will remain a strategic part of the UK’s energy mix for decades to come. Importing gas with a much higher carbon footprint than domestic UK supply makes no sense for the environment or for household bills.”
David Lenigas, Chairman of energy B, said:
“Britain is far too exposed to geopolitical events on the other side of the world. The UK has some of the lowest gas storage in Europe. The more oil and gas we produce at home, the better placed we are to ride out the next price shock.
“Historically, all of Gatwick’s oil has gone to the Fawley refinery near Southampton, which helps supply jet fuel to Heathrow, Gatwick and Birmingham airports. The Gatwick energy site can once again be a home-grown contributor to Britain’s energy security.”
energy B targets a production restart in early 2027. DrillOrDrop quoted Ritson as saying: “We hope to restart production at the site early 2027”, with the timing dependent on ongoing talks with Surrey County Council.
Why production stopped
According to energy B, oil and gas was discovered at the HH-1 well in 2014. It said the well flowed at a combined 1,688 barrels a day when tested in 2016, a record for a new UK onshore discovery at the time, and that the site entered long-term production in 2020 and has produced around 211,650 barrels of oil. The company estimates the gross contingent resource at 2.6 million barrels.
Production stopped after the UK Supreme Court’s ruling in R (Finch) v Surrey County Council. The court handed down its judgment on 20 June 2024 ([2024] UKSC 20) and, by a 3-2 majority, held that the council’s 2019 planning permission was unlawful. The majority, led by Lord Leggatt, said emissions from burning the oil produced fall within the effects of the project that an environmental impact assessment must cover. Lord Sales and Lord Richards dissented. DrillOrDrop reported that oil production has been suspended since October 2024.
Planning decision still pending
energy B said a new planning application, which includes those emissions, was submitted in May 2026 and is before the council. According to DrillOrDrop’s September report, the application seeks four new production wells, taking the site to six, and projects more than 600,000 tonnes of oil over 20 years and about two million tonnes of greenhouse gas emissions. The operator concluded that emissions from the oil’s use are “not significant” for climate change, a conclusion campaigners have called flawed.
On 20 October, DrillOrDrop reported that a council spokesperson said January 2027 was “currently looking the most likely” date for a planning committee. No decision is expected in 2026.
The energy security argument
The company’s release cites UK Government figures showing that the UK produced 29.7 billion cubic metres of gas in 2025 against demand of more than 60 billion. It also cites forecasts from the National Energy System Operator that North Sea output will fall from around 27 billion cubic metres to 5 billion by 2035, with a warning about an emerging risk to gas supply security.
