UK Oil & Gas PLC Horse Hill-1 Portland intervention commences (8052A)
01 October 2020 - 9:00PM
UK Regulatory
TIDMUKOG
RNS Number : 8052A
UK Oil & Gas PLC
01 October 2020
UK Oil & Gas PLC
("UKOG" or the "Company")
Horse Hill oil field update: Horse Hill-1 Portland intervention
commences
UK Oil & Gas PLC (London AIM: UKOG) is pleased to announce
that following this morning's arrival of a small workover rig,
planned routine intervention operations at its 85.635% owned Horse
Hill-1 well have now commenced. The short intervention seeks to
further optimise oil flow via reperforating the full Portland oil
producing section, insertion of a new simplified production tubing
string and by setting the downhole pump at a deeper level to
increase pumping efficiency.
Further updates will be issued in due course following
completion of the intervention.
The Horse Hill Portland and Kimmeridge oil field is operated by
UKOG's subsidiary company Horse Hill Developments Ltd ("HHDL"), in
which UKOG has a direct 77.9% interest. HHDL has a 65% interest in
the field and surrounding PEDL137 and PEDL246 licences, with the
remaining 35% interest held by UKOG's wholly owned subsidiary, UKOG
(137/246) Ltd.
Qualified Person's Statement
Matt Cartwright, UKOG's Commercial Director, who has 37 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.
Stephen Sanderson UKOG's Chief Executive commented:
"We look forward to safe, swift and successful operations and to
the resumption of stable oil production at Horse Hill as soon as
possible."
For further information, please contact:
UK Oil & Gas PLC
Stephen Sanderson / Kiran Morzaria Tel: 01483 941493
WH Ireland Ltd (Nominated Adviser
and Broker)
James Joyce / James Sinclair-Ford Tel: 020 7220 1666
Novum Securities (Joint Broker)
John Belliss Tel: 020 7399 9400
Communications
Brian Alexander Tel: 01483 941493
Glossary
oil field an accumulation, pool or group of pools of
oil in the subsurface that produces oil to
surface
The information contained within this announcement is deemed by
the Company to constitute inside information under the Market Abuse
Regulation (EU) No. 596/2014
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END
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