UK Oil & Gas Investments PLC (LON:UKOG) provided some initial feedback from drilling at its Broadford Bridge (BBB-1) well in West Sussex.
It has now begun the process of coring, where samples are extracted from the areas most likely to be hydrocarbon-bearing.
WATCH: Hydrocarbon shows from Broadford Bridge drilling 'pretty encouraging' says analyst Barney Gray
It has started from 4,013 feet, just above the Kimmeridge Limestone, which was host to oil at the UKOG-operated Horse Hill well, near Gatwick.
Gas levels increased
Natural gas levels increased as the rig progressed through this first Kimmeridge section at Broadford Bridge and there were “wet gas shows”, the company said.
“When recovered to surface, the 100-ft cores will be transported to Aberdeen for initial rock sampling,” it added.
“Extensive geological, petrophysical and geo-mechanical analyses will be carried out in the UK and USA.”
The well remains under budget and on schedule.
UKOG has just hit the key C4 and C5 gasses in the Broadford Bridge well in the Weald Basin. That's what I wanted to see. Game on! Fabulous!
— David Lenigas (@DavidLenigas) June 20, 2017
UKOG’s licence area is on the southern flank of the basin and is described as a mirror image of the fault block at Horse Hill, host to one of the most important onshore discoveries of recent times.
While Horse Hill is the stand-out success to date in the Weald, Angus Energy has also perforated the Kimmeridge and plans to put its Brockham well into production.
Positive results from UKOG’s BB-1 well would extend the footprint of the Kimmeridge and Weald Basin, marking it out as a possible new oil frontier.
Shares in the company were marked down 6% early on, but the company's founder David Lenigas was bullish.
"UKOG has just hit the key C4 and C5 gasses in the Broadford Bridge well in the Weald Basin. That's what I wanted to see. Game on! Fabulous!" he said via Twitter.
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