TIDMUKOG
RNS Number : 0517O
UK Oil & Gas PLC
30 September 2019
UK Oil & Gas PLC
("UKOG" or the "Company")
HH-2/2z Drilling Commences ("Spud") at Horse Hill Oil Field
UK Oil & Gas PLC (London AIM: UKOG) is pleased to announce
that drilling operations for its new Horse Hill-2/2z ("HH-2/2z")
Portland well commenced ("spudded") on Sunday morning, 29
September.
HH-2/2z, the first of two new horizontal wells in the field's
Portland oil pool, is designed to be retained as a future
production well, capable of delivering flow rates significantly
higher than the previously reported 362 barrels of oil per day
("bopd") from the HH-1 vertical Portland discovery well. 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 spud of HH-2/2z is another UKOG landmark milestone and a
key enabler towards establishing long term oil production at Horse
Hill. We are confident that the meticulously planned HH-2/2z
operation, the first of two planned horizontal wells in the
Portland oil pool, leaves little to chance. We look forward to a
safe and successful drilling campaign and to the realistic prospect
of HH-2/2z delivering a significant increase in UKOG's net oil
production and associated revenues before the end of 2019."
Forward Drilling Plans:
The HH-2 pilot, designed to acquire key geological data to
ensure the horizontal is correctly positioned within the Portland
reservoir, will drill ahead in 12 1/4 " diameter hole down to
around 2,000 ft below surface and will then be cased back to
surface. Drilling of 8 1/2 " diameter hole and conventional coring
over the full vertical extent of the Portland oil pool will then
follow.
Upon reaching a total depth of approximately 3,000 ft, HH-2 will
be electric logged and then plugged back in preparation for the
immediate start of HH-2z. The planned HH-2z trajectory, of total
length of approximately 5,800 ft from surface, will contain a
horizontal section of approximately 3,200 ft wholly within the
Portland reservoir's most oil-productive zone.
HH-1 Kimmeridge Flow Test Update:
Following last Monday's shut-in, necessary to ensure safe rig
assembly, test production from the HH-1 Kimmeridge oil pool was
restarted on Saturday at initial half hourly rates of between
302-473 bopd. Kimmeridge test production is planned to continue
throughout the drilling campaign.
Further drilling and testing updates will be issued in due
course.
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
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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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