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UK Oil & Gas PLC

Related Party Contractor Agreement

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RNS Number : 8894O
UK Oil & Gas PLC
01 February 2019
 

UK Oil & Gas PLC

("UKOG" or the "Company")

 

Related Party Contractor Agreement

 

UK Oil & Gas PLC (London AIM: UKOG), the largest onshore licence acreage holder in Weald Basin, is pleased to announce that, as part of the process necessary to deliver its oil production and drilling targets previously reported on 23 January, it has engaged a number of contractors, consultants and experts, one of which is Apex Completions, LLC ("Apex").

 

Headquartered in Houston, Texas, Apex, under an executed Contractor Agreement ("Agreement"), will help the Company further develop its understanding of the Portland and Kimmeridge reservoirs by delivering an integrated geological, geochemical, rock mechanics and reservoir engineering analysis and interpretation of the Company's Kimmeridge and Portland reservoir units. This work is designed to deliver a holistic understanding of the reservoir units in terms of characterisation and ultimately to help deliver a specific completion plan to extract oil at the best rates and volumes. The Agreement provides for Apex to periodically invoice UKOG for work carried out based upon the time spent by its personnel.

 

It is the Directors' viewpoint that Apex's technical approach and technologies are unique and not available elsewhere in the market place.

 

Allen Howard, UKOG's Non-Executive Chairman, is a Director of and a shareholder in Apex and, as a result, the Agreement is considered a related party transaction under AIM Rules.

 

The independent directors of the Company in respect of AIM Rule 13, being Stephen Sanderson, Nicholas Mardon Taylor and Kiran Morzaria, consider, having consulted with WH Ireland, the Company's Nominated Advisor, that the terms of the Agreement are fair and reasonable insofar as Shareholders are concerned.

 

About Apex

 

Apex was formed to bring a new holistic well completion design technology to the oil and gas industry,  utilising new proprietary technologies and machine-learning algorithms. These processes are designed to combine and integrate deterministic reservoir models, key reservoir data and related analyses to specific well completion-related engineering applications. Apex's management consists of industry recognised experts in their respective fields.

 

Apex's technology and workflows were developed to maximise utility between geological data, reservoir engineering and well completion models for both conventional and unconventional reservoirs. The Apex process is designed to create multidisciplinary solutions for optimised production performance and better reservoir stewardship.  Apex's work flow utilises data science experts to derive relationships and correlations linking common data sets. Domain experts then use these outputs to advise our clients on horizontal well placement, stage lengths, optimal reservoir stimulation and completion fluids all specifically tailored to the rock-type being treated.

 

For further information, please contact:

 

UKOG

 

Stephen Sanderson / Kiran Morzaria

Tel: 01483 900582

 

 

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

 

 

Novum Securities (Joint Broker)              

 

John Bellis

Tel: 020 7399 9400

 

 

Public Relations

 

Brian Alexander               / David Bick

Tel: 01483 900582

 


This information is provided by RNS, the news service of the London Stock Exchange. RNS is approved by the Financial Conduct Authority to act as a Primary Information Provider in the United Kingdom. Terms and conditions relating to the use and distribution of this information may apply. For further information, please contact [email protected] or visit www.rns.com.
 
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Quick facts: UK Oil & Gas PLC

Price: £0.01

Market: AIM
Market Cap: £76.31 m
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