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UK Oil & Gas Inv PLC (UKOG)

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Wednesday 02 March, 2016

UK Oil & Gas Inv PLC

Further Update on Horse Hill-1 Flow Test

RNS Number : 7074Q
UK Oil & Gas Investments PLC
02 March 2016
 

UK Oil & Gas Investments PLC

("UKOG" or the "Company")

Further Update on Horse Hill-1 Flow Test

Second Zone Continues flowing Oil at a Rate of 838 Barrels Per Day

 

Following the announcement on 01 March 2016, UK Oil & Gas Investments PLC (London AIM and ISDX: UKOG) announces that Horse Hill Developments Limited ("HHDL") has informed the Company that the well resumed flowing 100% dry oil from the Upper Kimmeridge Limestone, through a one-inch choke, at an instantaneous rate of 1008 barrels per day ("bopd") and continued to flow for a further 7.5 hours from 2234hrs on 29 February at an average rate of 838 bopd. The well was shut in at 0600 01 March for a 12-hour pressure build up test.

As previously announced, on completion of this Upper Kimmeridge test, operations will move to the shallower Portland sandstone zone at approximately 615 metres below ground level.

Horse Hill-1 Discovery Well and Licence

The exploration drilling phase of the HH-1 discovery well was originally completed at the end of 2014. The well is located within onshore exploration Licence PEDL137, on the northern side of the Weald Basin near Gatwick Airport. UKOG owns a 19.968% interest in PEDL137.

Stephen Sanderson, UKOG's Executive Chairman commented:

"The well continues to perform above management's expectations. We look forward to testing the overlying Portland shortly."

UKOG's Interest in Horse Hill

The HH-1 well is located within onshore exploration Licence PEDL137, on the northern side of the Weald Basin near Gatwick Airport. UKOG owns a 30% direct interest in HHDL and a 0.72% interest in HHDL via its 6% interest in Angus Energy Limited. HHDL is a special purpose company that owns a 65% participating interest and operatorship of Licence PEDL137 and the adjacent Licence PEDL246 in the UK Weald Basin.

Qualified Person's Statement:

 

Stephen Sanderson, UKOG's Executive Chairman, who has over 35 years of relevant experience in the oil industry, has approved the information contained in this announcement.  Mr Sanderson is a Fellow of the Geological Society of London and is an active member of the American Association of Petroleum Geologists.

 

For further information, please contact:

UK Oil & Gas Investments PLC

Stephen Sanderson / Jason Berry                                                                             Tel: 020 7440 0640

 

WH Ireland (Nominated Adviser and Broker)

James Joyce / Mark Leonard                                                                                       Tel: 020 7220 1666

 

Square 1 Consulting (Public Relations)

David Bick / Brian Alexander                                                                                      Tel: 020 7929 5599

 

Glossary

 

choke

a device incorporating a fixed or variable orifice that is used to control fluid flow rate during testing of an exploratory discovery

discovery

a discovery is a petroleum accumulation for which one or several exploratory wells have established through testing, sampling and/or logging the existence of a significant quantity of potentially moveable hydrocarbons

extended flow test

a flow test, as per the permission granted by the Oil and Gas Authority, with an aggregate flow period duration over all zones of greater than 96 hours and up to 90 days maximum.

flow test

a flow test or well test involves testing a well by flowing hydrocarbons to surface, typically through a test separator. Key measured parameters are oil and gas flow rates, downhole pressure and surface pressure. The overall objective is to identify the well's capacity to produce hydrocarbons at a commercial flow rate

limestone

a sedimentary rock predominantly composed of calcite (a crystalline mineral form of calcium carbonate) of organic, chemical or detrital origin. Minor amounts of dolomite, chert and clay are common in limestones. Chalk is a form of fine-grained limestone

 

Notes to Editors:

The Company has interests in the following UK licences:

Asset

Licence

UKOG's Interest

Licence Holder

Operator

Area (km2)

Status

 

Avington 1

PEDL070

5%

UKOG (GB) Limited

IGas Energy Plc

18.3

Field in stable production.

 

Baxters Copse 2

PEDL233

50%

UKOG Weald Limited

IGas Energy Plc

89.6

Reviewing economics of appraisal/ development well.

 

Brockham 1

PL234

3.6%

Angus Energy 5

Angus Energy 5

8.9

Drilling of sidetrack well being considered.

 

Holmwood 3

PEDL143

30%

UKOG

Europa Oil & Gas (Holdings) plc

91.8

H-1 exploration commitment well planned.

 

Horndean 1

PL211

10%

UKOG (GB) Limited

IGas Energy Plc

27.3

Field in stable production.

 

Horse Hill 4

PEDL137

19.968%

Horse Hill Developments Ltd 6

Horse Hill Developments Ltd 6

99.3

Extended flow testing of HH-1

 

Horse Hill 4

PEDL246

19.968%

Horse Hill Developments Ltd 6

Horse Hill Developments Ltd 6

43.6

Extended flow testing of HH-1

 

Isle of Wight (Offshore) 3

P1916

77.5%

UKOG Solent Limited

UKOG Solent Limited

46.7

Preparing drilling planning submission

 

Isle of Wight (Onshore) 2 3

PEDL331

65%

UKOG

TBA

200.0

Preparing drilling planning submission

 

Lidsey 1

PL241

4.2%

Angus Energy 5

Angus Energy 5

5.3

Drilling of infill well being considered.

 

Markwells Wood 2

PEDL126

100%

UKOG (GB) Limited

UKOG (GB) Limited

11.2

Compiling Field Development Plan.

 








 

Notes:







 

1. Oil field currently in production.






 

2. Oil discovery pending development and/or appraisal drilling.




3. Exploration asset with drillable prospects and leads.





 

4. Oil discovery pending flow testing.






 

5. UKOG has a 6% interest in Angus Energy. Angus Energy has a 70% interest in Lidsey and a 60% interest in Brockham.



 

6. UKOG has a direct 30% interest in HHDL, plus an indirect 0.72% interest via Angus Energy. HHDL has a 65% interest in PEDL137 and PEDL246.


 

 


This information is provided by RNS
The company news service from the London Stock Exchange
 
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