UK Oil & Gas Investments PLC Operations Commence at Broadford Bridge-1 (2835G)
May 25 2017 - 11:58AM
UK Regulatory
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
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