Stephen Sanderson, UKOG's executive chairman said: "BB-1's prime objective is to demonstrate that moveable light oil in commercial quantities exists within the Kimmeridge Limestones on the southern side of the Weald Basin, over 30 km to the southwest of the Horse Hill Kimmeridge oil discovery.
“This finding would demonstrate conclusively that the Kimmeridge contains a significant continuous oil deposit, straddling the entire central area of the Weald Basin from Horse Hill to BB-1.
“If proven, UKOG, as the largest licence holder in the Weald Basin and in the Kimmeridge play, is ideally positioned to take full commercial advantage this oil deposit.
“We look forward to the results of the drilling, extensive coring, electric logging and comprehensive borehole imaging programme, and ultimately to long-term flow testing of BB-1 in the summer."
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BB-1 is located near Billingshurst, West Sussex, within the 300 sq km PEDL234 licence, in which the company has a 100% interest via its ownership of the licence's operator, Kimmeridge Oil & Gas Limited.
Drilling using conventional methods will continue until the well reaches a total drilled depth of around 1900 metres within the Jurassic Corallian sandstone, a secondary reservoir objective which underlies the Kimmeridge.
The planned overall horizontal deviation of the well is approximately 1 km to the north-northeast of the well site.
The Kimmeridge Limestones are expected to be encountered at a drilled depth of approximately 1300-1700 metres, which equates to around 950 -1200 metres vertically below surface.
BB-1 will use a British made, zero-hazard, non-toxic, water-based drilling fluid to lubricate the drill-bit. This drilling fluid (or "mud") is made from biodegradable, modified natural plant starches.
All regulatory permissions to drill the well, from the Oil and Gas Authority (OGA), the Environment Agency (EA), West Sussex County Council and the Health and Safety Executive, are in place.