Shares in UK Oil & Gas Investments PLC (LON:UKOG) edged higher on Wednesday morning after the explorer confirmed directional drilling at its Broadford Bridge-1 (BB-1) well in the Weald Basin got underway earlier this week.
The BB-1 well, which is testing the Kimmeridge Limestone at the site, has already been cased and cemented.
It has now reached 370 metres (1,200 feet) below surface in the Lower Cretaceous Hastings Beds, although the well will reach 1,900m once drilling has been completed.
The uppermost Kimmeridge Limestone target – KL4 – is expected to be cored in around 10-12 days’ time. It was at this depth that UKOG and its partnered enjoyed some success at the Horse Hill discovery near Gatwick, with the uppermost units flowing at record rates.
The company added that the well remains on schedule and within budget.
BB-1 is located near Billingshurst, West Sussex, within the 300 sq km PEDL234 licence, in which UKOG has a 100% interest via its ownership of the licence's operator, Kimmeridge Oil & Gas Limited.
Speaking last week, executive chairman Stephen Sanderson 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.”