UK Oil & Gas Investments PLC Update on Holmwood Well (0672U)

TIDMUKOG

RNS Number : 0672U

UK Oil & Gas Investments PLC

19 October 2017

UK Oil & Gas Investments PLC

("UKOG" or "the Company")

Update on Holmwood Well, PEDL143, Weald Basin, UK

UK Oil & Gas Investments PLC (London AIM: UKOG) notes the release made this morning by Europa Oil and Gas Holdings) plc ("Europa") in respect of PEDL143 where UKOG holds a 30% interest, increasing to 40% on completion of the recently announced transaction with Warwick Energy Exploration and Production Limited.

Europa included the following statements:

"Europa Oil & Gas (Holdings) plc, UK and Ireland focussed exploration, development and production company notes the outcome of the Surrey County Council Planning and Regulatory Committee meeting on 18 October 2017 in connection with a conventional oil exploration well to test the Holmwood prospect at Bury Hill Wood, Coldharbour Lane, Surrey:

-- A planning application for a security fence for the drill site was approved by Surrey County Council ('SCC') at the Planning and Regulatory Committee meeting on 18 October 2017.

-- The Planning Committee elected to defer a decision on Condition 19 (Traffic Management Scheme) pending response to further requests for information from the Planning Committee.

Europa will consult with its joint venture partners and advisers and respond to SCC on Condition 19 accordingly.

As a consequence of the deferred decision on Condition 19, the Company advises that it anticipates operations to drill the Holmwood conventional oil exploration well will now commence in H1 2018.

Europa is operator of the Licence in which it holds a 20% interest, alongside UK Oil & Gas Investments plc 30%, Egdon Resources plc 18.4%, Angus Energy plc 12.5%, Warwick Energy 10%, Union Jack Oil plc 7.5% and Altwood Petroleum 1.6%."

For further information, please contact:

UK Oil & Gas Investments PLC

   Stephen Sanderson / Kiran Morzaria                                     Tel: [phone] 

WH Ireland (Nominated Adviser and Broker)

   James Joyce / James Bavister                                                   Tel: [phone] 

Cenkos Securities PLC (Joint Broker)

   Nick Tulloch / Neil McDonald                                                   Tel: [phone] 

Square 1 Consulting (Public Relations)

   Brian Alexander / David Bick                                                    Tel: [phone] 

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 
----------------  ---------  ---------------  ---------------  ---------------  --------------  ---------------------- 
Broadford Bridge   PEDL234         100%        Kimmeridge Oil   Kimmeridge Oil       300.0         BB-1&1z drilling 
(3)                                            & Gas Limited    & Gas Limited                     completed, testing 
                                                    (4)              (4)                               underway 
----------------  ---------  ---------------  ---------------  ---------------  --------------  ---------------------- 
Holmwood (3)       PEDL143         40%              UKOG         Europa Oil &        91.8             Holmwood-1 
                                                                Gas (Holdings)                     exploration well 
                                                                     plc                            planned in 2018 
----------------  ---------  ---------------  ---------------  ---------------  --------------  ---------------------- 
                                                 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 Broadford Bridge-1 and 1z 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 49.9% 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

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October 19, 2017 04:19 ET (08:19 GMT)