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| Share Name | Share Symbol | Market | Type | Share ISIN | Share Description |
|---|---|---|---|---|---|
| Uk Oil & Gas Plc | LSE:UKOG | London | Ordinary Share | GB00BS3D4G58 | ORD GBP0.000001 |
| Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
|---|---|---|---|---|---|---|---|---|---|---|
| -0.0025 | -7.14% | 0.0325 | 0.03 | 0.035 | 0.035 | 0.0325 | 0.035 | 101,063,735 | 08:01:03 |
| Industry Sector | Turnover | Profit | EPS - Basic | PE Ratio | Market Cap |
|---|---|---|---|---|---|
| Finance Services | 1.78M | -4.87M | -0.0015 | -0.20 | 976.2k |
From Apr 2019 to Apr 2024
TIDMUKOG
RNS Number : 6216K
UK Oil & Gas Investments PLC
10 July 2017
UK Oil & Gas Investments PLC
("UKOG" or the "Company")
Drilling Reveals Significant 1,490 ft Thick Kimmeridge Continuous Oil Deposit at Broadford Bridge-1 Exploration Well, PEDL234 Licence, Weald Basin, UK
Highlights
-- Drilling programme reveals a Continuous Oil Deposit, with gross possible Kimmeridge oil bearing zone of at least 1,490 ft measured depth ("MD"), equating to 1,100 ft vertical depth, has been encountered at BB-1; spans entire naturally fractured Kimmeridge Limestone (KL1-KL4) and shale section from 4,018-5,508 ft MD
-- 200 ft thick KL1 fractured oil reservoir sequence drilled from 4,945-5,155 ft MD; mobile oil recovered from drilling mud, oil shows in drill-cuttings, good wet gas readings; significant lost circulation zones ("LCZs") within KL1 indicates connected and laterally extensive natural-fracture system
-- Drilling and coring successfully completed at Total Depth of 5,850 ft MD; Schlumberger electric logging and fracture imaging underway, flow testing to commence following setting of 7-inch steel casing and well completion
UK Oil & Gas Investments PLC (London AIM and NEX: UKOG) is pleased to announce that it has successfully completed the drilling and coring programme through the entire Kimmeridge Limestone (KL1 to KL4) target section at its 100% owned Broadford Bridge-1 ("BB-1") exploration well located in licence PEDL234.
In the Company's opinion, the evidence of mobile light oil in core, drill-cuttings, and drilling fluid, plus wet gas readings throughout the entire naturally fractured Kimmeridge KL1-KL4 limestone and shale target section, from 4,018-5,508 ft MD, is supportive that a significant 1,490 ft thick continuous oil deposit has been demonstrated at BB-1.
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.
A comprehensive electric logging and fracture-imaging programme is now underway and the Company will provide an update in due course.
A comprehensive extended flow testing programme will commence directly following the setting of 7-inch steel casing and well completion. This programme is designed to establish if oil can flow at commercial rates and in commercial quantities from BB-1.
Stephen Sanderson, UKOG's Executive Chairman commented:
"In the Company's view, these highly positive and ground-breaking drilling results support our concept that a continuous oil deposit, some 1100 feet vertical thickness, underlies the BB-1 well location and the wider Weald Basin. UKOG as the largest licence holder in the prospective area of the Kimmeridge oil deposit is ideally positioned to take full advantage of this position.
Given our 100% ownership of BB-1 and the 300 km(2) size of the PEDL234 licence, this licence now looks set to supplant Horse Hill as the Company's flagship asset.
The major technical learning from BB-1 to date is that the Kimmeridge oil deposit now spans both fractured limestones and shales over almost the entire Kimmeridge section and that natural fracturing is more pervasive than expected. This bodes very well for the forthcoming flow test programme, which will commence following electric logging and well completion.
The forthcoming extensive flow testing phase will now hopefully move us even further from proof of geological concept towards demonstrating that BB-1 itself is commercially viable."
About BB-1
BB-1 is located near Billingshurst, West Sussex, within the 300 km(2) PEDL234 licence, in which the Company has a 100% interest via its ownership of the licence's operator, Kimmeridge Oil & Gas Limited ("KOGL"). The well, an exploration step-out, is designed to penetrate four naturally fractured Kimmeridge Limestone units (KL1-KL4), the uppermost two units of which flowed at record rates in the HH-1 discovery near Gatwick Airport.
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
Square 1 Consulting (Public Relations)
Brian Alexander / David Bick Tel: 01483 243450 / 020 7929 5599
Glossary:
Hot Features
Premium
casing heavy gauge steel tubing designed
to line the wall of a well. The
casing provides a safe controlled
space in which the drill pipe and
bit can operate in isolation from
conditions in overlying rock units.
The steel tubing is bonded to the
surrounding rock by impermeable
concrete, known as "cement"
----------------- ------------------------------------------------
core or coring a drilling technique that involves
using a doughnut-shaped drilling
bit to capture or "cut" a continuous
cylinder-shaped core of undamaged
in-situ rock. The core is captured
in a steel pipe or "core barrel"
above the bit. Core is normally
cut in 30 feet lengths, or multiples
of 30 feet, and normally with a
diameter of 3.5 or 4 inches. Core
is taken in petroleum reservoir
rocks for detailed laboratory analyses
of petrophysical and geomechanical
parameters
----------------- ------------------------------------------------
continuous a petroleum accumulation that is
oil deposit pervasive throughout a large area,
or resource which is not significantly affected
deposit 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
----------------- ------------------------------------------------
electric logs Tools which measure the electrical
properties of the rock and fluids
in and surrounding the wellbore
to determine the petrophysical
and geological properties of the
rock in its in-situ state. The
logging equipment is lowered into
the borehole on a steel cable through
which a wire conveys data to be
recorded at surface. The logging
at BB-1 also includes tools which
record 3-dimensional images and
ultrasound scans of the rock designed
to map and characterise natural
fractures
----------------- ------------------------------------------------
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
----------------- ------------------------------------------------
lost circulation a zone of highly porous and permeable
zone (LCZ) rock or voids directly intersecting
the wellbore into which drilling
fluid can escape. Commonly LCZs
occur in extensive open fracture
networks, voids or vugs within
limestones and highly porous and
permeable sandstones
----------------- ------------------------------------------------
naturally a fractured reservoir contains
fractured open and usually connected cracks
reservoir 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
----------------- ------------------------------------------------
shale a fissile rock that is formed by
the consolidation of clay, mud,
or silt particles, and that has
a finely stratified or laminated
structure. Certain shales, such
as those of the Kimmeridge Clay,
often contain a significant proportion
of organic material, which when
subject to increasing temperature
and pressure over geological time
transform into petroleum (known
as petroleum "source rocks")
----------------- ------------------------------------------------
step-out well a well specifically designed to
determine the lateral extent of
a discovered hydrocarbon accumulation
or play
----------------- ------------------------------------------------
wet gas natural gas, predominantly consisting
of methane (C1), ethane (C2) and
propane (C3) but also containing
the longer molecular chain natural
gases butane and iso-butane (C4),
pentane and iso-pentane (C5). The
C4 and C5 gases are created during
oil-generation within a petroleum
source rock unit when oil is thermally
cracked. At Horse Hill these natural
gases lie in solution within the
oil in the KL3 and KL4 Kimmeridge
Limestone reservoirs (i.e. solution
or associated gas and not as a
separate free-gas phase).
----------------- ------------------------------------------------
UKOG Licence Interests
The Company has interests in the following ten UK licences:
Asset Licence UKOG's Licence Holder Operator Area (km(2) ) Status
Interest
---------------- --------- --------------- --------------- --------------- -------------- ----------------------
UKOG (GB) IGas Energy Field in stable
Avington (1) PEDL070 5% Limited Plc 18.3 production
---------------- --------- --------------- --------------- --------------- -------------- ----------------------
Baxters Copse PEDL233 50% UKOG Weald IGas Energy 89.6 Appraisal/development
(2) Limited Plc well planned; licence
extended to 2018
---------------- --------- --------------- --------------- --------------- -------------- ----------------------
Kimmeridge Oil Kimmeridge Oil
Broadford Bridge & Gas Limited & Gas Limited BB-1 drilling
(3) PEDL234 100% (4) (4) 300.0 underway
---------------- --------- --------------- --------------- --------------- -------------- ----------------------
Holmwood (3) PEDL143 30% UKOG Europa Oil & 91.8 Holmwood-1
Gas (Holdings) exploration well
plc planned in 2017
---------------- --------- --------------- --------------- --------------- -------------- ----------------------
UKOG (GB) IGas Energy Field in stable
Horndean (1) PL211 10% Limited Plc 27.3 production
---------------- --------- --------------- --------------- --------------- -------------- ----------------------
Horse Hill (5) PEDL137 31.2% Horse Hill Horse Hill 99.3 Submitted planning
Developments Developments application for long
Ltd Ltd term production tests
and drilling of two
wells
---------------- --------- --------------- --------------- --------------- -------------- ----------------------
Horse Hill Horse Hill
Developments Developments
Horse Hill (5) PEDL246 31.2% Ltd Ltd 43.6 As above
---------------- --------- --------------- --------------- --------------- -------------- ----------------------
Isle of Wight UKOG Solent UKOG Solent Preparing drilling
(Offshore) (3) P1916 100% Limited Limited 46.7 planning submission
----------------
Isle of Wight
(Onshore) (2, Preparing drilling
3) PEDL331 65% UKOG TBA 200.0 planning submission
---------------- --------- --------------- --------------- --------------- -------------- ----------------------
Markwells Wood PEDL126 100% UKOG (GB) UKOG (GB) 11.2 Submitted planning
(2) Limited Limited 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 forthcoming Broadford Bridge-1 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 48% 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
END
DRLBXGDRXSBBGRG
(END) Dow Jones Newswires
July 10, 2017 09:45 ET (13:45 GMT)
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