15 January 2021 | 14:33pm StockMarketWire.com - Horse Hill – an oil well majority owned by UK Oil and Gas – is to be reconfigured, subject to regulatory consent, into a water re-injection well as “soon as practicable” as part of a wider plan to reduce operational costs. The company have already reduced field operating costs by to thirds between January 2020 and January 2021 but hopes the operational improvements to the well will help the ‘field to take full advantage of the current strengthening oil price.’ Stephen Sanderson, UKOG chief executive, said that he anticipates an ‘increase in net revenue’ from the reduction in water handling costs once the improvements have been made.