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| Share Name | Share Symbol | Market | Type | Share ISIN | Share Description |
|---|---|---|---|---|---|
| Sarantel A | LSE:SLG | London | Ordinary Share | GB00B9MRZS43 | 'A' ORD 0.01P |
| Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
|---|---|---|---|---|---|---|---|---|---|---|
| 0.00 | 0.00% | 0.30 | 0.00 | 01:00:00 |
| Industry Sector | Turnover | Profit | EPS - Basic | PE Ratio | Market Cap |
|---|---|---|---|---|---|
| 0 | 0 | N/A | 0 |
From Apr 2019 to Apr 2024
TIDMUKOG
RNS Number : 1326B
UK Oil & Gas Investments PLC
05 October 2015
05 October 2015
UK Oil & Gas Investments PLC
("UKOG" or the "Company")
Weald Basin - Conceptual Low-Impact Oil Development Plan for Jurassic Limestones
UK Oil & Gas Investments PLC (LSE AIM: UKOG) announces that, as part of its ongoing evaluation of the viability of the Jurassic Kimmeridge limestone tight oil play in the eleven licences in the Weald and Purbeck-Wight Basins of southern England in which the Company has an interest, it has now received conceptual oil development studies from Xodus Group Ltd. ("Xodus") and Barton Willmore. The conceptual studies are based on developing multiple potential sites across the Company's licences, each of which would consist of a conceptual multi-well pad with 12 horizontal production wells delivering around 2,500 barrels of oil per day at peak production, plus an associated production processing facility site.
The development studies are only conceptual at this stage and should not be misconstrued so as to convey that recoverable resources, contingent resources or reserves have been proven to exist within the Jurassic limestone tight oil play at Horse Hill or over other UKOG assets in the Weald and Purbeck-Wight basins.
Xodus and Barton Willmore are specialist consultancy groups well versed in facilities design, and in planning applications and environmental impact assessment respectively. The studies have reviewed how a conceptual Jurassic tight oil play, based on the subsurface findings from wells within UKOG's licenced areas, could potentially be developed with low impact upon the surrounding environment and locality. The Executive Summaries by Xodus and Barton Willmore, can be viewed on UKOG's website: www.ukogplc.com.
The Company has interests in nine licences, plus a further two subject to Oil and Gas Authority approval or award, which total over 650 square kilometres within the Jurassic tight oil play fairway over the south of England (details are provided at the end of this RNS).
In order to assess the economic viability of a potential Jurassic limestone tight oil development and whether this development could be accomplished while preserving the rural way of life and beauty of the Weald area, these studies addressed two key elements:
1. A conceptual facilities study for well pads and the related production process (Xodus)
2. Identification of potential well and production site locations over the Company's licence areas and generally over the Weald Basin (Barton Willmore).
The development studies are based on a conceptual multi-well pad with 12 horizontal production wells delivering around 2,500 barrels of oil per day at peak production, plus an associated production processing facility site. At this stage, drilling and completion of four wells per year are conservatively envisaged. These input assumptions for well performance are at a scoping level only and are based upon preliminary reservoir engineering assumptions, modelling, use of analogues and calculations from the Horse Hill-1 and other wells. A further calibration of these initial assumptions will be made following the planned flow testing of this well.
The reports detail the following conclusions:
- The conceptual development would have a low visual impact that has a significantly lower visual profile than existing UK and Weald oil developments.
- The well pad would have a zero above-ground profile by siting wellheads and manifolds below ground level in a cellar.
- Use of electric downhole pumps for artificial lift removes the necessity for above ground beam pumps ("nodding donkeys").
- The footprint of the conceptual well pad is 3-4 acres occupying an area less than the current Horse Hill site.
- The production profile and number of wells was designed to limit necessary oil tanker export to a maximum of around 8 tankers per day (one tanker every three hours) to transport produced oil to Fawley Oil Refinery. Within 3 years of initial production, the amount of tanker movements would reduce to 4 per day. Over the estimated 30-year life of a multi-well pad, it is expected that the number of road tankers will average less than one every two days.
- Produced water would be cleaned, filtered and re-injected to remove the necessity of disposal via tankers, further reducing the HGV impact.
- Any associated gas would be used as fuel for sites, with the surplus used to generate electrical power exported to the National Grid.
- A robust site selection methodology has been developed so as to minimise noise and traffic impacts on local residents and make maximum use of existing "brown field" sites. National Parks and Areas of Outstanding Natural Beauty were excluded from the initial site search.
- A significant number of potentially suitable low impact sites have been located over the Company's licence interests and over the wider Weald area.
Stephen Sanderson, UKOG's Executive Chairman, commented:
"These studies are an essential part of our Jurassic limestone tight oil 'proof of concept' process, as they enable the Company to gain an initial understanding of the scope, potential economics and operational viability of a possible future development of the Kimmeridge limestones in multiple sites over our licences whilst considering how to keep the environmental impact to a minimum to respect the rural beauty and way of life of the south east of England.
Clearly we will be in a better position to refine our view of the economics of the wider tight oil play over the area following the planned flow test of the Horse Hill-1 well.
We will now also deploy these valuable learnings regarding low impact facilities options to our proposed development of the Markwells Wood conventional Great Oolite limestone discovery, and to further economic evaluation and appraisal of the conventional Upper Portland sandstone discovery at Horse Hill."
Qualified Person's Statement:
Stephen Sanderson, UKOG's Executive Chairman, who has over 30 years of relevant experience in the oil and gas 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 / Mark Longson Tel: 020 7929 5599
Glossary:
Hot Features
Premium
contingent resources contingent resources are those quantities of
petroleum estimated, as of a given date, to
be potentially recoverable from known accumulations,
but the applied project(s) are not yet considered
mature enough for commercial development due
to one or more contingencies. Contingent Resources
may include, for example, projects for which
there are currently no viable markets, or where
commercial recovery is dependent on technology
under development, or where evaluation of the
accumulation is insufficient to clearly assess
commerciality. Contingent Resources are further
categorized in accordance with the level of
certainty associated with the estimates and
may be sub-classified based on project maturity
and/or characterized by their economic status
---------------------- ----------------------------------------------------------
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
---------------------- ----------------------------------------------------------
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
---------------------- ----------------------------------------------------------
horizontal well a high-angle well (with an inclination of generally
greater than 85deg) drilled to enhance reservoir
performance by placing a long wellbore section
within the reservoir.
---------------------- ----------------------------------------------------------
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
---------------------- ----------------------------------------------------------
oil field an accumulation, pool or group of pools of
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oil in the subsurface. An oil field consists
of a reservoir in a shape that will trap hydrocarbons
and that is covered by an impermeable or sealing
rock
---------------------- ----------------------------------------------------------
oil in place or the quantity of oil or petroleum that is estimated
stock tank oil to exist originally in naturally occurring
in place accumulations before any extraction or production
---------------------- ----------------------------------------------------------
oolite oolite is a sedimentary rock formed from ooids,
being spherical grains comprised of concentric
layers of calcium carbonate and of diameter
0.25-2 mm. Ooids are usually formed in warm,
supersaturated, shallow, highly agitated marine
water intertidal environments such as the present
day Bahama Banks
---------------------- ----------------------------------------------------------
play a set of known or postulated oil and or gas
accumulations sharing similar geologic, geographic,
and temporal properties, such as source rock,
migration pathways, timing, trapping mechanism,
and hydrocarbon type
---------------------- ----------------------------------------------------------
recoverable resources those quantities of petroleum (oil in this
case) estimated, as of a given date, to be
potentially recoverable from known accumulations
---------------------- ----------------------------------------------------------
reserves those quantities of petroleum anticipated to
be commercially recoverable by application
of development projects to known accumulations
from a given date forward under defined conditions;
reserves must further satisfy four criteria:
they must be discovered, recoverable, commercial
and remaining (as of the evaluation date) based
on the development project(s) applied; reserves
are further categorized in accordance with
the level of certainty associated with the
estimates and may be sub-classified based on
project maturity and/or characterised by development
and production status
---------------------- ----------------------------------------------------------
reservoir a subsurface rock formation containing an individual
natural accumulation of moveable petroleum
---------------------- ----------------------------------------------------------
sandstone a clastic sedimentary rock whose grains are
predominantly sand-sized. The term is commonly
used to imply consolidated sand or a rock made
of predominantly quartz sand
---------------------- ----------------------------------------------------------
sidetrack re-entry of a well from the well's surface
location with drilling equipment for the purpose
of deviating from the existing well bore to
achieve production or well data from an alternative
zone or bottom hole location, or to remedy
an engineering problem encountered in the existing
well bore
---------------------- ----------------------------------------------------------
tight oil play a play where oil is found or expected to be
present within a reservoir with low permeability,
i.e. a tight reservoir. The term, in the case
of the Kimmeridge limestone, is applied to
a play where trapped petroleum accumulations
are expected to be pervasive throughout a large
area and that are not significantly affected
by hydrodynamic influences (also called "continuous-type
deposits")
---------------------- ----------------------------------------------------------
well stimulation well stimulation is a well intervention performed
on an oil or gas well to increase production
by improving the flow of hydrocarbons from
the drainage area into the well bore.
---------------------- ----------------------------------------------------------
Notes to Editors:
About Xodus
Xodus Develop, who prepared the conceptual development study is the concept development engineering division of Xodus Group Ltd. a large oil & gas focussed energy consultancy with over 500 employees providing integrated subsurface and surface solutions to a global client base. Xodus was established in 2005 and since then has undertaken a large number of projects of various sizes across most hydrocarbon regions of the world. Xodus staff bring extensive experience in key regions and basins including the North Sea, West Africa, North Africa, Middle East, South America, and Asia. Further information can be found on Xodus' website: www.xodusgroup.com.
About Barton Willmore
Barton Willmore is one the UK's largest planning practices, specialising in the planning, design and environmental assessment of energy projects from eleven regional offices. Barton Willmore and their energy projects can be found be found on their website: www.bartonwillmore.co.uk/energy/.
UKOG Licence Interests
The Company has interests in the following Production, Development, Appraisal and Exploration Assets in the UK Sector:
Asset Licence UKOG Interest Licence Operator Area Status
Holder (km(2)
)
-------------- --------- -------------- --------------- ------------------ -------- ----------------------------
Awaiting announcement
of 14th Round awards.
UKOG has applied
Offshore UKOG for the adjacent
Isle of Solent 200 km sq onshore
Wight P1916 77.5% Limited UKOG 46.7 acreage. See below
-------------- --------- -------------- --------------- ------------------ -------- ----------------------------
Awaiting extension
of PEDL126 planning
UKOG permission by the
Markwells(2) (GB) SDNPA, compiling
Wood PEDL126 100% Limited UKOG 11.2 FDP
-------------- --------- -------------- --------------- ------------------ -------- ----------------------------
UKOG
Horndean (GB) IGas Energy
(1) PL211 10% Limited Plc 27.3 Field in stable production.
-------------- --------- -------------- --------------- ------------------ -------- ----------------------------
UKOG
Avington (GB) IGas Energy
(1) PEDL070 5% Limited Plc 36.0 Field in stable production.
-------------- --------- -------------- --------------- ------------------ -------- ----------------------------
UKOG Reviewing economics
Baxters(2) Weald IGas Energy of drilling an appraisal
Copse PEDL233 50% Limited Plc 89.6 / development well.
-------------- --------- -------------- --------------- ------------------ -------- ----------------------------
Horse Flow testing of the
Hill HH-1 discovery planned,
Horse Develop-ments awaiting regulatory
Hill(3) PEDL137 20.358% Limited UKOG/HHDL 99.3 approvals.
-------------- --------- -------------- --------------- ------------------ -------- ----------------------------
Horse Flow testing of the
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