We could not find any results for:
Make sure your spelling is correct or try broadening your search.
Register to chat with like-minded investors on our interactive forums.
| 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 | 85,641,854 | 07:48:41 |
| 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 : 1664L
UK Oil & Gas Investments PLC
14 July 2017
14 July 2017
UK Oil & Gas Investments PLC
("UKOG" or the "Company")
UK Oil and Gas Authority Grants Approval for Extensive Flow Test Programme
Broadford Bridge-1 Exploration Well, Weald Basin, UK
UK Oil & Gas Investments PLC (London AIM and ISDX: UKOG) announces that the Oil and Gas Authority ("OGA") has granted final consent for the Company's forthcoming extended flow test programme at its 100% owned Broadford Bridge-1 ("BB-1") oil exploration well. As previously reported, given the multiple positive indications of oil-filled fractures throughout a vertical Kimmeridge section of more than 1100 vertical ft, the planned flow test programme has now been substantially increased. The programme will now test around 900 feet of naturally-fractured Kimmeridge section over multiple zones and is designed to establish if oil can flow at commercial rates and in commercial quantities from BB-1.
A comprehensive electric logging and fracture-imaging programme is now underway, the final two logging runs of which are scheduled to be run at the weekend. The Company will provide an update on preliminary log evaluation results in due course.
Flow-testing will follow directly after the completion of electric logging and the setting of 7-inch steel casing.
About BB-1
BB-1, an exploration step-out, 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").
As previously reported, in the Company's opinion, the multiple positive indications of mobile light oil observed throughout the entire naturally fractured Kimmeridge KL1-KL4 limestone and shale target section is supportive that a significant continuous oil deposit, with a vertical extent in excess of 1100 feet has been demonstrated at BB-1. The uppermost two units of this zone, KL4 and KL3, flowed oil at a stable aggregate rate of 1365 barrels per day in the HH-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:
"I am confident that the logging and testing results will add further weight to the "proof of concept" that BB-1 lies within a regionally extensive continuous Kimmeridge oil deposit. The thickness and vertical extent of this deposit would be of national significance.
More importantly, perhaps, the expanded testing programme will also determine whether BB-1 itself is commercially viable and provides the basis for the Company's first 100% owned Kimmeridge oil production site."
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
MSCGMGMNKDLGNZM
(END) Dow Jones Newswires
July 14, 2017 11:11 ET (15:11 GMT)
1 Year Uk Oil & Gas Chart |
1 Month Uk Oil & Gas Chart |
It looks like you are not logged in. Click the button below to log in and keep track of your recent history.
Support: +44 (0) 203 8794 460 | support@advfn.com
By accessing the services available at ADVFN you are agreeing to be bound by ADVFN's Terms & Conditions
