UK Oil & Gas Investments PLC Update - Isle of Wight (3975D)
31 January 2018 - 6:00PM
UK Regulatory
TIDMUKOG
RNS Number : 3975D
UK Oil & Gas Investments PLC
31 January 2018
UK Oil & Gas Investments PLC
("UKOG" or the "Company")
Isle of Wight Update
UK Oil & Gas Investments PLC (London AIM: UKOG) announces
that to focus upon appraising the onshore PEDL331 Arreton oil
discovery and satellite exploration prospects, it has informed the
Oil and Gas Authority that it will not seek any further extension
to the offshore P1916 Licence. Consequently, the P1916 Licence, in
which the Company held a 100% interest, has now lapsed. In the
Company's view the offshore Licence's low geological prospectivity,
high environmental sensitivity and consequential high associated
drilling costs merited no further commitment of UKOG's financial or
technical resources. No remaining P1916 Licence obligations
remain.
As previously reported in January 2016, Xodus' independent
report allocated a gross mean aggregated oil in place of 227
million barrels ("MMbbl") to the onshore Arreton oil discovery and
associated Arreton South and North satellite prospects. Recoverable
gross 2C Contingent Resources were calculated as 15.7 MMbbl, with
10.2 MMbbl net to UKOG. The Company holds a 65% interest in
PEDL331.
Arreton site selection and regulatory permitting activities are
now underway to permit a planned appraisal drilling campaign in the
first half of 2019.
Stephen Sanderson, UKOG's Executive Chairman, commented:
"The Arreton discovery on the Isle of Wight's remains a key
element of the company's 2018 and 2019 growth strategy and plans.
We look forward to working with our partners towards a successful
2019 appraisal drilling campaign."
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: 01483 243450
WH Ireland (Nominated Adviser and Broker)
James Joyce / James Sinclair-Ford Tel: 020 7220 1666
Cenkos Securities PLC (Joint Broker)
Joe Nally / Leif Powis Tel: 0207 397 8919
Public Relations
Brian Alexander / David Bick Tel: 01483 900583/ 01483 243450
Glossary
denotes the mid or best estimate scenario of Contingent
2C Resources
--------------------- ----------------------------------------------------------
Contingent Resources Contingent Resources are 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
categorised in accordance with the level of certainty
associated with the estimates and may be sub-classified
based on project maturity and/or characterised
by their economic status.
--------------------- ----------------------------------------------------------
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
--------------------- ----------------------------------------------------------
oil in place the quantity of oil or petroleum that is estimated
(OIP) to exist originally in naturally occurring accumulations
before any extraction or production
--------------------- ----------------------------------------------------------
UKOG Licence Interests
The Company has interests in the following nine 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 & 1z drilling
(3) & Gas Limited & Gas Limited completed, testing of
(4) (4) multiple zones
underway
---------------- --------- --------------- --------------- --------------- -------------- ----------------------
Holmwood (3) PEDL143 40% UKOG Europa Oil & 91.8 Holmwood-1
Gas (Holdings) exploration well
plc planned in 2018
---------------- --------- --------------- --------------- --------------- -------------- ----------------------
UKOG (GB) IGas Energy Field in stable
Horndean (1) PL211 10% Limited Plc 27.3 production
---------------- --------- --------------- --------------- --------------- -------------- ----------------------
Horse Hill (5) PEDL137 32.435% Horse Hill Horse Hill 99.3 Planning Permission &
Developments Developments EA permit granted for
Ltd Ltd production tests and
two wells
---------------- --------- --------------- --------------- --------------- -------------- ----------------------
Horse Hill Horse Hill
Developments Developments
Horse Hill (5) PEDL246 32.435% Ltd Ltd 43.6 As above
---------------- --------- --------------- --------------- --------------- -------------- ----------------------
Isle of Wight
(Onshore) (2, Preparing Arreton-3
3) PEDL331 65% UKOG UKOG 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 Broadford Bridge-1 and 1z discovery well and the
extension of the Godley Bridge Portland gas discovery.
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 49.9% interest in HHDL, which has a 65%
interest in PEDL137 and PEDL246.
This information is provided by RNS
The company news service from the London Stock Exchange
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