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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 | |
---|---|---|---|---|---|---|---|---|---|---|
-0.0015 | -5.77% | 0.0245 | 0.024 | 0.025 | 0.026 | 0.0245 | 0.026 | 28,438,396 | 09:07:05 |
Industry Sector | Turnover | Profit | EPS - Basic | PE Ratio | Market Cap |
---|---|---|---|---|---|
Finance Services | 1.78M | -4.87M | -0.0015 | -0.20 | 976.2k |
TIDMUKOG
RNS Number : 2835G
UK Oil & Gas Investments PLC
25 May 2017
UK Oil & Gas Investments PLC
("UKOG" or the "Company")
Operations Commence at Broadford Bridge-1, PEDL234 Licence, Weald Basin, UK
UK Oil & Gas Investments PLC (London AIM and NEX: UKOG) announces that the drilling rig and key equipment necessary to drill the Broadford Bridge-1 ("BB-1") Kimmeridge Limestone well are now on site. All regulatory permissions are now in place and drilling is expected, therefore, to commence shortly. The BB-1 well is located in 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.
The BB-1, an exploration step-out well, will test a geological look-alike to Horse Hill, located on the southern flank of the Weald Basin, and is, therefore, designed to test both the southerly extension of the Kimmeridge Limestone oil play across the Weald Basin and its development within the licence. The drilling will use tried and trusted conventional oil field techniques to test four naturally fractured Kimmeridge Limestone reservoir horizons, the uppermost two of which were successfully flow tested at the Company's Horse Hill oil discovery in 2016.
The well will acquire the most comprehensive data set gathered to date over the Kimmeridge Limestone sequence, to include extensive conventional coring and electric logging aimed at characterising natural fracturing and other key reservoir parameters. Once drilled, cored and logged, the well will be completed as a potential oil-producer and flow tested.
Stephen Sanderson, UKOG's Executive Chairman commented:
"The BB-1 well will add materially to our knowledge and understanding of the Kimmeridge Limestone play within the Licence and across the wider Weald Basin. BB-1 is a key piece of the Kimmeridge Limestone puzzle."
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: 020 7440 0640
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: 020 7929 5599
Glossary:
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 used within the wellbore to measure the rock and fluid properties of surrounding rock formations -------------- ------------------------------------------ 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 reservoirs contain cracks fractured or surface of breakage within rock; reservoirs fractures can enhance permeability of rocks greatly by connecting pores together; naturally fractured reservoirs have been created over geological time by nature, not man-made via hydraulic fracturing -------------- ------------------------------------------ step-out well a well designed to determine the lateral extent of a discovered hydrocarbon accumulation or play -------------- ------------------------------------------
UKOG Licence Interests
The Company has interests in the following 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 ---------------- --------- --------------- --------------- --------------- -------------- ---------------------- Broadford Bridge PEDL234 100% Kimmeridge Oil Kimmeridge Oil 300.0 BB-1 well permitted, (3) & Gas Limited & Gas Limited drilling planned in (4) (4) 2017 ---------------- --------- --------------- --------------- --------------- -------------- ---------------------- 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 (7) Ltd (7) term production tests and drilling of two wells ---------------- --------- --------------- --------------- --------------- -------------- ---------------------- Horse Hill Horse Hill Developments Developments Horse Hill (5) PEDL246 31.2% Ltd (7) Ltd (7) 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.
MSCUVOVRBSAVUAR
(END) Dow Jones Newswires
May 25, 2017 11:37 ET (15:37 GMT)
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