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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 |
TIDMUKOG
RNS Number : 2616P
UK Oil & Gas PLC
09 October 2019
UK Oil & Gas PLC
("UKOG" or the "Company")
Horse Hill-1 Kimmeridge "Sim-Ops" Flow Test Update
UK Oil & Gas PLC (London AIM: UKOG) is pleased to announce that the planned simultaneous drilling and test production operations ("sim-ops") at Horse Hill have been successfully implemented. Continuous Kimmeridge oil production from Horse Hill-1 ("HH-1") has been maintained since the start of the Horse Hill-2/2z horizontal drilling campaign on 29 September 2019.
Total HH-1 Kimmeridge test production now stands at over 41,800 barrels ("bbl") of light, sweet 40deg API crude, pushing combined total aggregate Portland and Kimmeridge production to over 71,368 bbl. No discernible Kimmeridge formation water has yet been recovered to surface.
The establishment of safe sim-ops is designed to permit the continued collection of further essential reservoir performance data from the Kimmeridge oil pool and to provide significant oil sales revenues to offset the Company's operational costs. UKOG's innovative use of bespoke safety equipment to protect the HH-1 wellhead and pump during sim-ops places the Company at the forefront of safe UK onshore operational practices.
Following a planned extensive HH-2z production flow-testing campaign, both HH-2z Portland and the HH-1 Kimmeridge well are expected to be put into long term production by the end of 2019.
UKOG holds a controlling 85.635% interest in the Horse Hill oil field and surrounding highly prospective PEDL137 and PEDL246 licences, which are operated by UKOG's subsidiary company, Horse Hill Developments Ltd.
Stephen Sanderson, UKOG's Chief Executive, commented:
"The establishment of safe and innovative sim-ops at Horse Hill marks another significant operational milestone for the Company in 2019. "
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 900582
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: 0207 397 8919
Novum Securities (Joint Broker)
John Bellis Tel: 020 7399 9400
Public Relations
Brian Alexander Tel: 01483 900582
Glossary
horizontal a well that during drilling is steered so as well to follow and remain within a particular geological stratum or reservoir unit having a trajectory that runs approximately parallel to the top and or base of the target horizon oil field an accumulation, pool or group of pools of oil in the subsurface that produces oil to surface ----------------------------------------------------- well test or flow 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 a commercial flow rate. -----------------------------------------------------
UKOG Licence Interests
The Company has interests in the following UK licences:
Asset Licence UKOG Licence Operator Area (km(2) ) Status Interest Holder UKOG IGas Field currently Avington (GB) Energy temporarily (1) PEDL070 5% Limited Plc 18.3 shut in ---------------------- ---------- -------------- -------------- -------------- --------------------- BB-1/1z oil discovery, Broadford Loxley-1 gas Bridge/Loxley/Godley appraisal Bridge UKOG UKOG well planning (2, 3, (234) (234) application 8) PEDL234 100% Ltd (4) Ltd (4) 300.0 submitted ---------------------- ---------- -------------- -------------- -------------- --------------------- Finalising new site selection to drill Portland UKOG and Kimmeridge A24 (3) PEDL143 67.5% UKOG (7) 91.8 prospects ---------------------- ---------- -------------- -------------- -------------- --------------------- UKOG IGas Horndean (GB) Energy Field in stable (1) PL211 10% Limited Plc 27.3 production ---------------------- ---------- -------------- -------------- -------------- --------------------- Horse Horse Hill Hill Production Horse Hill Developments Developments tests ongoing, (5) PEDL137 85.635% Ltd Ltd 99.3 HH-2/2z drilling ---------------------- ---------- -------------- -------------- -------------- --------------------- Horse Horse Hill Hill Horse Hill Developments Developments (5) PEDL246 85.635% Ltd Ltd 43.6 As above ---------------------- ---------- -------------- -------------- -------------- --------------------- Preparing planning submission for Arreton-3 oil appraisal Isle of well and Arreton Wight (Onshore) South exploration (2, 3) PEDL331 95% UKOG UKOG 200.0 well ---------------------- ---------- -------------- -------------- -------------- --------------------- UKOG UKOG Markwells (GB) (GB) 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, EWT ongoing, production planning consent granted in September 2019, appraisal/development drilling campaign underway. Long term production start expected late 2019.
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.
END
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