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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 | |
|---|---|---|---|---|---|---|---|---|---|---|
| 0.00 | 0.00% | 0.0325 | 0.03 | 0.035 | 0.0325 | 0.0325 | 0.0325 | 13,852,652 | 07:43:19 |
| 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 : 6585M
UK Oil & Gas Investments PLC
31 July 2017
UK Oil & Gas Investments PLC
("UKOG" or the "Company")
Operational Update and Warrant Exercise
All Approvals for a Rig-less Flow Test in Place,
Broadford Bridge-1 Exploration Well, Weald Basin, UK
Highlights
-- All flow test regulatory permissions now in place following review by the Health and Safety Executive ("HSE"). Work continues to "complete" the well as a potential oil producer to be followed by a rig-less flow-test, encompassing multiple Kimmeridge zones over a total aggregate perforated section of 926 ft.
-- Preliminary log interpretations indicate that the extensively naturally-fractured Kimmeridge section is oil bearing from around 3,800 ft to below 5,640 ft measured depth ("MD") a vertical section of around 1,330 ft. This observation is in accord with the mobile light oil recovered to surface in cores and recovered from drilling fluid, together with wet gas shows.
-- An application to extend the exploration/testing phase for a further year to 15 September 2018 has been submitted to West Sussex County Council ("WSCC") with a decision expected in September 2017.
UK Oil & Gas Investments PLC (London AIM and ISDX: UKOG) announces that as the HSE have consented to the revised and expanded flow test programme, all necessary regulatory permits are now in place to commence flow testing at its 100% owned Broadford Bridge-1 ("BB-1") exploration well located in licence PEDL234. Operations at site continue to prepare and complete BB-1 as a potential oil producing well from multiple zones over a gross perforated interval of 926 feet. Flow testing will commence after the rig has vacated the site.
Specialists at Premier Oilfield Laboratories ("POL") and Nutech, both located in Houston, USA, have examined electric logs from BB-1 and their preliminary evaluations calculate that the Kimmeridge is oil bearing from around 3,800 ft to below 5,640 ft MD. These results accord with core data, drilling data and observed oil and wet gas shows. They extend the gross possible vertical thickness of the Kimmeridge Continuous Oil Deposit to around 1,330 ft. Final log evaluation results integrating core and rock cutting measurement and fluid data will be reported in due course.
The flow test programme is specifically designed to gather further supportive evidence that the Kimmeridge contains a continuous oil deposit, with mobile light oil and which can flow to surface at commercial rates and in commercial volumes.
The Company has submitted an application to WSCC to extend the current BB-1 exploration and testing phase planning permission for a further year. The extension will enable a fully comprehensive extended flow test programme to be conducted. A decision from the WSCC Planning Committee is expected in September 2017.
About BB-1
BB-1, an exploration step-out, is located south of 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").
As previously reported, in the Company's opinion, the multiple positive indications of mobile light oil observed throughout the entire naturally fractured Kimmeridge Limestone 0 ("KL0") to KL4 and shale target section are supportive that a significant continuous oil deposit, with a vertical extent of around 1,330 ft has been demonstrated at BB-1. The uppermost two units of this zone, KL4 and KL3, flowed oil at a stable aggregate rate of 1,365 barrels per day in the Horse Hill-1 discovery near Gatwick Airport in 2016.
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.
Other Business
The Company notes that SCDM Energy, the French owned oil and gas exploration and production company, has increased its holding in the Company to 174,954,179 ordinary voting shares, representing 5.03% of the issued share capital as of 25(th) July 2017.
The Company has also received notice of the exercise of warrants to subscribe for a total of 40,625,000 new ordinary shares in the Company (the "New Ordinary Shares"). The Company has received GBP325,000 in respect of this exercise. Application has been made for these New Ordinary Shares to be admitted to trading on AIM and it is anticipated that trading in such shares will commence on or around 4 August 2017.
Following Admission, the Company's enlarged issued share capital will comprise 3,520,759,100 ordinary shares. The Company does not hold any shares in treasury. This figure of 3,520,759,100 ordinary shares may be used by shareholders in the Company as the denominator for the calculations by which they will determine if they are required to notify their interest in, or a change in their interest in, the share capital of the Company under the FCA's Disclosure and Transparency Rules.
Stephen Sanderson, UKOG's Executive Chairman, commented:
" Whilst the delivery and completion of the well as a potential oil-producer is not as swift a process as a simple rig-based drill stem test (or DST), this configuration is designed to provide significant future cost and potential test performance benefits. This is a sound investment in the future of BB-1 and is a key necessary step to help us achieve our corporate goal to establish first Kimmeridge production by the end of 2018/early 2019. Operations at BB-1 remain on track."
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
-------------------- ------------------------------------------------
completion the process of making a well ready
or well completion for production. This principally
involves preparing the bottom of
the hole to the required specifications,
running in the production tubing
and its associated down hole tools
as well as perforating as required,
together with the selection of
the appropriate completion fluid
contained in the well. The process
of running in and cementing the
casing can also be included in
this category.
-------------------- ------------------------------------------------
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, know as " image logs"
-------------------- ------------------------------------------------
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 32.435% 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 32.435% 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
MSCEAXXFDEDXEFF
(END) Dow Jones Newswires
July 31, 2017 13:05 ET (17:05 GMT)
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