TIDMUKOG
RNS Number : 3708N
UK Oil & Gas PLC
24 September 2019
UK Oil & Gas PLC
("UKOG" or the "Company")
Rig Arrival at Horse Hill: HH-2 Operations Commence
UK Oil & Gas PLC (London AIM: UKOG) is pleased to announce
that operations for the new Horse Hill-2/2z ("HH-2/2z") Portland
horizontal well, in which the Company has an 85.635% controlling
interest, have commenced. The start of physical drilling operations
or "spud" is expected shortly following completion of the rig-up
process and will be reported in due course.
Drilling will commence with the HH-2 vertical pilot programme
and will be followed directly by the horizontal well section,
HH-2z, with a planned trajectory of around 1000m wholly within the
Portland reservoir. Drilling operations are expected to be
completed in approximately 60 days. The HH-2z horizontal will then
be tested using a bespoke downhole electric pump, or ESP.
Immediately prior to rig arrival, test production from the HH-1
Kimmeridge oil pool was temporarily shut-in to permit a safe rig-up
process and will be resumed prior to the pilot hole spud.
Kimmeridge test production is planned to continue throughout the
drilling campaign.
Before the current shut-in, Kimmeridge test production totalled
39,205 barrels ("bbl") of dry Brent quality crude, with average
daily rates of up to 307 bbl of oil per day recorded following the
resumption of production on 12 September 2019. Total aggregate
Portland and Kimmeridge test production now stands at over 68,773
bbl.
Following UKOG's recent acquisition of Tellurian's 35% interest
in Horse Hill, the Company now holds a controlling 85.635% interest
in the field and surrounding highly prospective PEDL137 and PEDL246
licences, which continue to be operated by UKOG's subsidiary
company, Horse Hill Developments Ltd, in which UKOG holds a 77.9%
direct controlling interest.
Stephen Sanderson, UKOG's Chief Executive, commented:
"The journey to long-term oil production at Horse Hill has now
begun. We look forward to a safe and successful drilling campaign
at our flagship asset."
Qualified Person's Statement
Matt Cartwright, UKOG's Commercial Director, who has over 35
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 to
well 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 Status
Interest Holder (km(2)
)
Field currently
Avington UKOG (GB) IGas Energy temporarily
(1) PEDL070 5% Limited Plc 18.3 shut in
--------------------- ---------- ------------------- ------------------- -------- --------------------
BB-1/1z oil
Broadford discovery, Loxley-1
Bridge/Loxley/Godley gas appraisal
Bridge well planning
(2, 3, UKOG (234) UKOG (234) application
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
--------------------- ---------- ------------------- ------------------- -------- --------------------
Horndean UKOG (GB) IGas Energy Field in stable
(1) PL211 10% Limited Plc 27.3 production
--------------------- ---------- ------------------- ------------------- -------- --------------------
Horse Horse Production tests
Horse Hill Hill Developments Hill Developments ongoing, drilling
(5) PEDL137 85.635% Ltd Ltd 99.3 rig mobilised
--------------------- ---------- ------------------- ------------------- -------- --------------------
Horse Horse
Horse Hill Hill Developments Hill Developments
(5) PEDL246 85.635% Ltd Ltd 43.6 As above
--------------------- ---------- ------------------- ------------------- -------- --------------------
Preparing planning
submission for
Arreton-3 oil
appraisal well
Isle of and Arreton
Wight (Onshore) South exploration
(2, 3) PEDL331 95% UKOG UKOG 200.0 well
--------------------- ---------- ------------------- ------------------- -------- --------------------
Markwells UKOG (GB) UKOG (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. Oil field with three productive and commercially viable
zones, EWT ongoing, further drilling campaign scheduled, production
planning consent granted in September 2019, development
underway.
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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