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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% | 0.0275 | 0.025 | 0.03 | 0.0275 | 0.0275 | 0.0275 | 9,253,842 | 07:44:39 |
| Industry Sector | Turnover | Profit | EPS - Basic | PE Ratio | Market Cap |
|---|---|---|---|---|---|
| Finance Services | 1.78M | -4.87M | -0.0015 | -0.20 | 976.2k |
From May 2019 to May 2024
TIDMUKOG
RNS Number : 1175H
UK Oil & Gas PLC
23 March 2020
UK Oil & Gas PLC
("UKOG" or the "Company")
Arreton oil discovery planning application submitted to Isle of Wight council
UK Oil & Gas PLC (London AIM: UKOG) is pleased to announce that it has filed a planning application ("Application") with the Isle of Wight Council for the appraisal drilling and flow testing of the Arreton oil discovery. Following a one-week statutory notice period, the application is expected to go "live" on 27 March 2020.
The Application details the planned construction, operation and eventual decommissioning of a well site for the appraisal of hydrocarbons via a deviated borehole (Arreton-3 or "A-3") plus a possible horizontal sidetrack off the "mother" borehole (Arreton-3z or "A-3z"), all to be undertaken within a temporary period of three years.
UKOG has spent considerable time and undertaken much research to minimise the potential noise and visual impact of the site, which will be largely screened from public view. The Company has chosen a site adjacent to land which already supports non-agricultural commercial uses. The land immediately to the east supports the Wight Farm Anaerobic Digestion Energy Power Station and to the west supports the Blackwater Quarry and ancillary operations connected to the working of aggregates.
As reported in the Company's July 2018 AIM admission document, the Arreton conventional oil discovery, a geological analogue of the Company's Horse Hill oil field (UKOG net 85.635%), contains three stacked Jurassic oil pools containing a third party (Xodus) calculated aggregate gross P50 oil in place of 127 million barrels ("mmbbl"). UKOG's net share of associated mid case recoverable Contingent Resource volumes were stated by Xodus to be a material 14.9 mmbbl.
The A-3 well is envisaged to duplicate or "twin" the A-1 and A-2 discovery wells drilled by BP and the Gas Council (now Spirit Energy) in 1952 and 1974, respectively. Should short term flow testing of A-3 indicate likely commercial viability, it is envisaged that an A-3z horizontal sidetrack would be drilled and put on extended well test to assess longer-term flow performance.
UKOG holds a 95% operated interest in Petroleum Exploration Development Licence 331, which extends over a 200 km(2) area covering most of the southern half of the Isle of Wight.
Stephen Sanderson, UKOG's Chief Executive, commented:
"Whilst UKOG's primary focus will remain on maintaining continued long-term stable and profitable oil production at Horse Hill, our efforts will also continue with those actions necessary to ensure that both the Arreton oil and Loxley gas appraisal projects move forwards as swiftly as the current UK situation permits."
Qualified Person's Statement
Matt Cartwright, UKOG's Commercial Director, who has over 36 years of relevant experience in the global oil industry, has approved the information contained in this announcement. Mr Cartwright is a Chartered Engineer and member of the Society of Petroleum Engineers.
For further information, please contact:
UK Oil & Gas PLC
Stephen Sanderson / Kiran Morzaria Tel: 01483 941493
WH Ireland Ltd (Nominated Adviser and Broker)
James Joyce / James Sinclair-Ford Tel: 020 7220 1666
Cenkos Securities PLC (Joint Broker)
Joe Nally / Neil McDonald Tel: 020 7397 8919
Novum Securities (Joint Broker)
John Bellis Tel: 020 7399 9400
Public Relations
Brian Alexander Tel: 01483 941493
Glossary
Hot Features
Premium
appraisal well a borehole designed to determine the lateral and
or vertical extent of a discovered hydrocarbon
accumulation
Contingent Resource(s) those quantities of petroleum estimated, as of
a given date, to be potentially recoverable from
known accumulations, but the applied project(s)
are not yet considered mature enough for commercial
development due to one or more contingencies.
Contingent Resources are further categorized in
accordance with the level of certainty associated
with the estimates and may be sub-classified based
on project maturity and/or characterized by their
economic status
-----------------------------------------------------------
deviated well a well whose bottom hole location does not directly
underlie its surface location. Such wells are
common as a surface location cannot always be
directly located over the subsurface target zone.
-----------------------------------------------------------
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
-----------------------------------------------------------
extended well a well test, as per the permission granted by
test the Oil and Gas Authority, with an aggregate flow
period duration over all zones of greater than
96 hours and up to 90 days per zone
---------------------------------------------------------
flow test a flow test or well test involves testing a well
by flowing hydrocarbons to surface, typically
through a test separator. Key measured parameters
are oil and gas flow rates, downhole pressure
and surface pressure. The overall objective is
to identify the well's capacity to produce hydrocarbons
at commercial flow rates and overall volumes.
-----------------------------------------------------------
oil field an accumulation, pool or group of pools of oil
in the subsurface that produces oil to surface.
An oil field consists of a reservoir in a shape
that will trap hydrocarbons and that is covered
by an impermeable or sealing rock
-----------------------------------------------------------
oil in place the quantity of oil or petroleum that is estimated
to exist in naturally occurring accumulations
in the ground before any extraction to surface.
-----------------------------------------------------------
P50 or best a 50% probability that a stated volume will be
estimate equalled or exceeded
-----------------------------------------------------------
recoverable those quantities of petroleum (i.e. oil in this
volumes or resources case) estimated, as of a given date, to be potentially
recoverable to surface from known accumulations
-----------------------------------------------------------
sidetrack to re-enter an existing wellbore and to drill
out of one side in order to reach a different
bottom hole location or target. In the case of
A-3 the near vertical deviated mother borehole
will be used as a pilot hole and a horizontal
sidetrack will be drilled out entirely within
the oil-bearing reservoir with the aim of increasing
overall exposure to reservoir rock and thus potentially
increasing flow rates.
-----------------------------------------------------------
UKOG Licence Interests
The Company has interests in the following UK licences:
Asset Licence UKOG Licence Operator Area Status
Interest Holder (km
(2)
)
Field currently
UKOG (GB) IGas Energy temporarily
Avington (1) PEDL070 5% Limited Plc 18.3 shut in
------------------------------- ---------- -------------- -------------- ------ ---------------------
BB-1/1z oil
discovery,
Loxley-1 gas
appraisal
Broadford Bridge/Loxley/Godley well planning
Bridge (2, UKOG (234) UKOG (234) application
3, 8) PEDL234 100% Ltd (4) Ltd (4) 300.0 submitted
------------------------------- ---------- -------------- -------------- ------ ---------------------
Finalising
new site selection
to drill Portland
and Kimmeridge
A24 (3) PEDL143 67.5% UKOG UKOG (7) 91.8 prospects
------------------------------- ---------- -------------- -------------- ------ ---------------------
UKOG (GB) IGas Energy Field in stable
Horndean (1) PL211 10% Limited Plc 27.3 production
------------------------------- ---------- -------------- -------------- ------ ---------------------
Production
Horse Hill Horse Hill tests ongoing,
Horse Hill Developments Developments HH-2/2z drilling
(5) PEDL137 85.635% Ltd Ltd 99.3 completed
------------------------------- ---------- -------------- -------------- ------ ---------------------
Horse Hill Horse Hill
Horse Hill Developments Developments
(5) PEDL246 85.635% Ltd Ltd 43.6 As above
------------------------------- ---------- -------------- -------------- ------ ---------------------
Preparing
planning submission
for Arreton
oil appraisal
Isle of Wight well and Godshill
(Onshore) (2, exploration
3) PEDL331 95% UKOG UKOG 200.0 well
------------------------------- ---------- -------------- -------------- ------ ---------------------
UKOG (GB) UKOG (GB)
Markwells Wood PEDL126 100% Limited Limited 11.2 MW-1 P&A
------------------------------- ---------- -------------- -------------- ------ ---------------------
Notes:
1. Oil field currently in stable production.
2. Oil discovery pending development and/or appraisal drilling.
3. Exploration asset with drillable prospects and leads.
4. Contains the Broadford Bridge-1/1z Kimmeridge oil discovery, the eastern extension of the Godley Bridge Portland gas discovery, plus further undrilled Kimmeridge exploration prospects.
5. Portland and Kimmeridge oil field with productive and commercially viable zones, HH-1 in stable oil production, HH-2z EWT ongoing, production planning consent granted in September 2019, long term Production consent granted March 2020.
6. UKOG has a direct 77.9% interest in HHDL, which has a 65% interest in PEDL137 and PEDL246. 7. OGA consent received for the transfer of operatorship from Europa to UKOG
8. Gas discovery pending appraisal drilling and development with underlying Kimmeridge potential
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 news service of the London Stock Exchange. RNS is approved by the Financial Conduct Authority to act as a Primary Information Provider in the United Kingdom. Terms and conditions relating to the use and distribution of this information may apply. For further information, please contact rns@lseg.com or visit www.rns.com.
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March 23, 2020 03:00 ET (07:00 GMT)
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