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UK Oil & Gas Inv PLC - Update - Broadford Bridge-1

RNS Number : 4830I
UK Oil & Gas Investments PLC
21 March 2018
 

UK Oil & Gas Investments PLC

("UKOG" or the "Company")

 

Operational Update: Broadford Bridge-1/1z Oil Discovery, Weald Basin, UK

 

UK Oil & Gas Investments PLC (London AIM: UKOG) has been informed by its 100%-owned subsidiary Kimmeridge Oil & Gas Limited that well testing operations have now ceased at Broadford Bridge in West Sussex. Equipment is being removed from the site and the Company will update the market once data and test results have been assessed.

In the meantime, the focus now shifts to the Horse Hill well site (located in licence PEDL137), operated by Horse Hill Developments Ltd (HHDL), where an extended well test of the Horse Hill-1 oil discovery will commence once all regulatory approvals are in place. UKOG owns a 49.9 per cent interest in HHDL and 32.435 per cent interest in the Horse Hill site and PEDL137.

 

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 / Neil McDonald                                                        Tel: 0207 397 8919

 

Public Relations

Brian Alexander / David Bick                                                    Tel: 01483 900583/ 01483 243450

 

UKOG Licence Interests

  

The Company has interests in the following UK licences:

Asset

Licence

UKOG's Interest

Licence Holder

Operator

Area (km2)

Status

Avington 1

PEDL070

5%

UKOG (GB) Limited

IGas Energy Plc

18.3

Field in stable production

Baxters Copse 2

PEDL233

50%

UKOG Weald Limited

IGas Energy Plc

89.6

Appraisal/development well planned; licence extended to 2018

Broadford Bridge 3

PEDL234

100%

Kimmeridge Oil & Gas Limited 4

Kimmeridge Oil & Gas Limited 4

300.0

BB-1 & 1z drilling completed, testing of multiple zones underway

Holmwood 3

PEDL143

40%

UKOG

Europa Oil & Gas (Holdings) plc

91.8

Holmwood-1 exploration well planned in 2018

Horndean 1

PL211

10%

UKOG (GB) Limited

IGas Energy Plc

27.3

Field in stable production

Horse Hill 5

PEDL137

32.435%

Horse Hill Developments Ltd 

Horse Hill Developments Ltd 

99.3

Production tests and further appraisal well (s) scheduled for 2018

Horse Hill 5

PEDL246

32.435%

Horse Hill Developments Ltd

Horse Hill Developments Ltd 

43.6

As above

Isle of Wight (Onshore) 2, 3

PEDL331

65%

UKOG

UKOG

200.0

Preparing Arreton-3 oil discovery appraisal well planning submission

Markwells Wood 2

PEDL126

100%

UKOG (GB) Limited

UKOG (GB) Limited

11.2

Revised drilling and testing planning application underway

 

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&1z discovery well, the extension of the Godley Bridge Portland gas discovery plus further exploration prospects.

4. UKOG has a 100% interest in Kimmeridge Oil & Gas Limited

5. Oil discovery with successful flow test in 3 zones, further long-term testing scheduled in 2018

6. UKOG has a direct 49.9% interest in HHDL, which has a 65% interest in PEDL137 and PEDL246

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 company news service from the London Stock Exchange
 
END
 
 
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Quick facts: UK Oil & Gas PLC

Price: 0.245

Market: AIM
Market Cap: £21.18 m
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