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UK Oil & Gas Inv PLC (UKOG)

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Wednesday 13 September, 2017

UK Oil & Gas Inv PLC

Update - Broadford Bridge-1

RNS Number : 5670Q
UK Oil & Gas Investments PLC
13 September 2017
 

UK Oil & Gas Investments PLC

("UKOG" or the "Company")

 

Regulatory Update,

Planning Extension Approved, Extended Flow Testing Underway

Broadford Bridge-1 and 1z Exploration Well, Weald Basin, UK

 

UK Oil & Gas Investments PLC (London AIM and ISDX: UKOG) is pleased to announce that West Sussex County Council's Planning Committee have unanimously approved a one-year extension to the existing planning permission covering its 100% owned BB-1 and 1z exploration well, located in licence PEDL234. The extension, which will expire in September 2018, enables the company to complete the full 14-week extended flow test programme as originally permitted and planned.

In addition, the Oil and Gas Authority's flow test consent has been similarly extended to December 2017. Well testing equipment is now fully assembled and testing operations are underway.

As previously stated, the extended flow test programme is specifically designed to gather further supportive evidence that the Kimmeridge contains mobile light oil within an extensive continuous oil deposit, which can flow to surface at commercial rates and in commercial volumes. Flow test results will be reported in due course.

About BB-1

BB-1 and BB-1z, an exploration step-out, is located south of Billingshurst, West Sussex, within the 300 km² PEDL234 licence, in which the Company has a 100% interest via its ownership of the licence's operator, Kimmeridge Oil & Gas Limited ("KOGL").

As previously reported, in the Company's opinion, the multiple positive indications of mobile light oil observed throughout the entire naturally fractured KL0 to KL5 target reservoir sections are supportive that a significant continuous oil deposit, with a vertical extent of around 1,400 ft has been demonstrated by BB-1 and 1z. In 2016, two units of this zone, KL4 and KL3, flowed oil at a stable aggregate rate of 1,365 barrels per day in 2016 in the Horse Hill-1 discovery near Gatwick Airport.

This continuous oil deposit therefore likely underlies the entire PEDL234 licence and a significant area of the wider Weald Basin, including the Horse Hill-1 Kimmeridge oil discovery some 27 km to the north east. The Company has the largest licence holding in the Weald Basin and within the prospective area of the Kimmeridge play.

Stephen Sanderson, UKOG's Executive Chairman, commented:

"West Sussex's unanimous approval of the extension is further recognition of the Company's operational competence, sound environmental practices and positive engagement with all stakeholders. I look forward to a successful flow test outcome."

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 / Kiran Morzaria                                     Tel: 01483 243450 

 

WH Ireland (Nominated Adviser and Broker)

James Joyce / James Bavister                                                   Tel: 020 7220 1666

 

Cenkos Securities PLC (Joint Broker)

Nick Tulloch / Neil McDonald                                                   Tel: 0131 220 6939

 

BPA Media/Square 1 Consulting (Public Relations)

Brian Alexander / David Bick                                                    Tel: 01483 243450

 

 Glossary:

continuous oil deposit or resource deposit

a petroleum accumulation that is pervasive throughout a large area, which is not significantly affected by hydrodynamic influences (i.e. the buoyancy of oil in water) and is not trapped by structural or stratigraphic geological conditions. The deposit, in contrast to conventional accumulations, has therefore not accumulated by the migration of petroleum over medium to long distances. The petroleum in such deposits is found within, or immediately adjacent or close to, the pore spaces where the petroleum is generated, i.e. those pore spaces lying within petroleum source rocks containing organic rich compounds (kerogen) that, when heated over geological time, transform into petroleum. These accumulations are generally associated with organic-rich shales such as the Kimmeridge Clay Formation. Such accumulations do not generally contain significant volumes of free, mobile formation water and therefore have no observable hydrocarbon-water contacts. The extent of the accumulation is generally defined by the limit of where burial depths have been sufficient to transform organic matter within the petroleum source rock unit into petroleum

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

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

naturally fractured reservoir

a fractured reservoir contains open and usually connected cracks or fissures within the rock matrix; fractures can enhance permeability of rocks greatly by connecting pore-spaces together; naturally fractured reservoirs have been created over geological time by nature, not man-made via hydraulic fracturing

step-out well

a well specifically designed to determine the lateral extent of a discovered hydrocarbon accumulation or play.

 

UKOG Licence Interests

 

The Company has interests in the following ten 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

Appraisal/development well planned; licence extended to 2018

Broadford Bridge 3

PEDL234

100%

Kimmeridge Oil & Gas Limited 4

Kimmeridge Oil & Gas Limited 4

300.0

BB-1 flow testing underway

Holmwood 3

PEDL143

30%

UKOG

Europa Oil & Gas (Holdings) plc

91.8

Holmwood-1 exploration well planned in 2017/18

Horndean 1

PL211

10%

UKOG (GB) Limited

IGas Energy Plc

27.3

Field in stable production

Horse Hill 5

PEDL137

32.435%

Horse Hill Developments Ltd 

Horse Hill Developments Ltd 

99.3

Submitted planning application for long term production tests and drilling of two wells

Horse Hill 5

PEDL246

32.435%

Horse Hill Developments Ltd

Horse Hill Developments Ltd 

43.6

As above

Isle of Wight (Offshore) 3

P1916

100%

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

Markwells Wood 2

PEDL126

100%

UKOG (GB) Limited

UKOG (GB) Limited

11.2

Submitted planning application for appraisal and field development

 

Notes:

1. Oil field currently in production.

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

3. Exploration asset with drillable prospects and leads. Contains the extension of the Godley Bridge Portland gas discovery and the site of the Broadford Bridge-1 and 1z well.

4. UKOG has a 100% interest in Kimmeridge Oil & Gas Limited, which has a 100% interest in PEDL234.

5. Oil discovery with recently completed flow testing.

6. UKOG has a direct 49.9% interest in HHDL, which has a 65% interest in PEDL137 and PEDL246.

 

The information contained within this announcement is deemed by the Company to constitute inside information under the Market Abuse Regulation (EU) No. 596/2014.


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