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UKOG sees another “intensely fractured” oil zone in Broadford Bridge well

Published: 14:21 20 Jul 2017 BST

onshore drilling operation
The new zone was seen between 5,508 to 5,640 feet

UK Oil & Gas Investments PLC (LON:UKOG) has told investors that an additional oil bearing zone has been identified from analysis of the Broadford Bridge-1 exploration well.

The zone, designated KL0, was seen between 5,508 to 5,640 feet and is determined to be intensely fractured.

It means that the size of the gross thickness of the Kimmeridge continuous oil deposit to around 1,200 feet, and the gross possible oil bearing zone increases to 1,622 feet (spanning five naturally fractured zones).

UKOG now intends to proceed to a flow testing programme, addressing multiple zones, as soon as steel casing is fitted down to target depth and the well has been completed.

Stephen Sanderson, UKOG executive chairman, said: “BB-1, UKOG's new flagship asset, continues to provide a stream of data and ground-breaking technical insights into what we believe is a new and potentially highly significant oil resource.

“This comprehensive and extensive data set is a sound investment into the future of BB-1 and our corporate goal to establish first Kimmeridge production by the end of 2018/early 2019.”

He added: “Whilst there is always uncertainty in any new well and testing outcome, the technical results from BB-1 to date continue to remain both positive and most encouraging."

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