UK Oil & Gas PLC

Update - Holmwood Licence (PEDL 143)

RNS Number : 7240Z
UK Oil & Gas PLC
04 September 2018
 

UK Oil & Gas PLC

("UKOG" or the "Company")

 

Update on Holmwood Licence (PEDL 143), Weald Basin, UK

UK Oil & Gas PLC (London AIM: UKOG) notes the following announcement made today by Europa Oil and Gas (Holdings) plc on behalf of the operator of the Holmwood Licence PEDL143, of which UKOG holds 40% interest:

"Europa Oil & Gas (Holdings) plc, the UK and Ireland focused oil and gas exploration, development and production company, announces that it has been notified by the Head of Estates at the Forestry Commission that the Minister for the Environment, Food and Rural Affairs, has decided not to renew the lease at Bury Hill Wood, Coldharbour Lane, Surrey.  Bury Hill Wood is the proposed site for a temporary exploration well to test the conventional Holmwood prospect on licence PEDL 143 in the Weald Basin, Surrey. The lease expires on 12th September 2018.

Following the Minister's decision, the Company, on behalf of its partners, will be withdrawing its planning application to drill the Holmwood prospect from the Bury Hill Wood site.

PEDL 143 has recently been extended until 30th September 2020, and in addition to the established Portland sandstone reservoir, contains the Kimmeridge Limestone which, following success at the nearby Horse Hill discovery, is an emerging play in the Weald Basin.  The Company, with its partners, intends to undertake a full evaluation of alternative sites from which to target the Holmwood prospect, and other plays in the licence." 

The full announcement from Europa Oil & Gas (Holdings) plc can be seen at: https://www.londonstockexchange.com/exchange/news/market-news/market-news-detail/EOG/13777413.html

Stephen Sanderson, UKOG's Chief Executive, commented:

 

"The decision by the Minister for the Environment, Food and Rural Affairs, is disappointing, but not altogether surprising. As the Leith Hill Site was less than ideal, we now welcome the opportunity to plot a new way forwards to drill both the Holmwood prospect and other nearby prospective Kimmeridge targets in the near future."

 

For further information, please contact:

 

UK Oil & Gas PLC

Stephen Sanderson / Kiran Morzaria                                                      Tel: 01483 243450

 

WH Ireland (Nominated Adviser and Broker)

James Joyce / James Sinclair-Ford                                                           Tel: 020 7220 1666

 

Cenkos Securities PLC (Joint Broker)

Joe Nally / Neil McDonald                                                                         Tel: 0207 397 8919

 

Public Relations

Brian Alexander / David Bick                                                                    Tel: 01483 243450

 

 

UKOG Licence Interests

 

The Company has interests in the following UK licences:

 

Asset

Licence

UKOG Interest

Licence Holder

Operator

Area (km2)

Status

Avington 1

PEDL070

5%

UKOG (GB) Limited

IGas Energy Plc

18.3

Field currently shut in

Broadford Bridge 2, 3

PEDL234

100%

UKOG (234) Ltd 4

UKOG (234) Ltd 4

300.0

BB-1 & 1z oil discovery, planning applications submitted

Holmwood 3

PEDL143

40%

UKOG

Europa Oil & Gas (Holdings) plc

91.8

Holmwood-1 exploration well planned in 2018

Horndean 1

PL211

10%

UKOG (GB) Limited

IGas Energy Plc

27.3

Field in stable production

Horse Hill 5

PEDL137

46.735%

Horse Hill Developments Ltd 

Horse Hill Developments Ltd 

99.3

Production tests ongoing, further appraisal well(s) scheduled for 2018/19

Horse Hill 5

PEDL246

46.735%

Horse Hill Developments Ltd

Horse Hill Developments Ltd 

43.6

As above

Isle of Wight 2, 3

PEDL331

65%

UKOG

UKOG

200.0

Preparing planning submission for Arreton-3 oil discovery appraisal well

Markwells Wood 2

PEDL126

100%

UKOG (GB) Limited

UKOG (GB) Limited

11.2

Revised drilling and testing planning application underway

               

Notes:

 

1.   Oil field currently in production.

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

3.   Exploration asset with drillable prospects and leads. PEDL234 contains the Broadford Bridge-1 and 1z
discovery well, the extension of the Godley Bridge Portland gas discovery plus further exploration
prospects.

4.   UKOG has a 100% interest in UKOG (234) Ltd, which has a 100% interest in PEDL234.

5.   Oil discovery with successful flow test in 3 zones, further long-term testing scheduled in 2018.

6.   UKOG has a direct 71.9% interest in HHDL, which has a 65% interest in PEDL137 and PEDL246.


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