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UK Oil & Gas Investments Horse Hill lookalike well joins the watch list along with Kazakh pair

UK Oil & Gas Investments Horse Hill lookalike well joins the watch list along with Kazakh pair
The current quarter is shaping up to be a busy and interesting one

This week we are adding three wells to the watch list – two in Kazakhstan and one a little closer to home.

We kick off with the next big well in the Weald Basin, which is just weeks from getting underway, according to an update by UK Oil & Gas Investments (LON:UKOG).

The company already has planning permission for Broadford Bridge-1 (BB-1) in West Sussex and the drill pad has been constructed.

UKOG’s licence area is on the southern flank of the basin and is described as a mirror image of the fault block at Horse Hill, host to one of the most important onshore discoveries of recent times.

The company, which wholly owns the licence, plans to drill into the Kimmeridge section at a 50-degree angle.

It is the Kimmeridge that provided to the gush to the Gatwick Gusher, the nickname of the Horse Hill-1 well.

“Operations will include the acquisition of an extensive coring, electric log and borehole imaging data set to provide further key information on the limestone reservoirs and natural fracturing,” UKOG said.

Work on Broadford Bridge will get underway sometime between now and the end of June and permission was granted for flow testing for up to 14 weeks.

Kazakhstan

Caspian Sunrise (LON:CASP) used to be known as Roxi Petroleum before a corporate rejig.

It owns the BNG Licence close to the giant Tengiz field in Kazakhstan – though its drilling success could best be described as patchy.

Its cheap, shallow are the current source of production (gas plus 1,200 barrels of oil a day).

Its deep wells, which go below the salt layer and down to around 5,000 metres, have the potential to move the dial.

Unfortunately the three it is drilled to date (801, A5 and A6) are none producers with an excess of drill mud being the major impediment to output.

The plan in the coming quarter is to re-enter A6 with a side-track planned for A5.

If one or both can be put on production for a week or more (the IP rates are expected to be 2 to 3,000 barrels a day), then the company can hand the data to its consultant Gaffney Cline Associates, which will update the company’s reserves report.

Caspian’s Clive Carter told Proactive this: "It really just takes one or two of these deep wells to come to prove to the world, and in particular the larger oil companies, that we are sitting on something pretty special."

*Remember, this isn’t by any means a comprehensive menu of what’s happened and what’s coming up and it is heavily weighted to the smaller end of the market, where a positive result can rocket propel shares.

Wells to Watch

88 Energy Ltd (LON:88E) – Icewine 2 to spud in April flow test and stimulation of the HRZ shale expected to start June-July

SDX Energy Inc (LON:SDX) – SD-1X (Nile Delta) kicked off March 20; expected to take 30-45 days. Targeting the lower AEB and Abu Roash sections.

Sound Energy PLC (LON:SOU) – Badile (Italy) at the second casing point at 1,400 metres; will be drilled down to 4,445 metres; 100-day drill programme began March 8.

UK Oil & Gas (LON:UKOG): Broadford Bridge-1 to spud between now and the end of June.

Caspian Sunrise (LON:CASP): A5 and A6 well re-entry this quarter. A5 expected to get underway in the coming weeks.

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