While the Broadford Bridge-1 well in Sussex today reported gas not oil, the fact that it has indicated hydrocarbons from the first layer the well has intersected is very encouraging, Barney Gray, an independent oil analyst told Proactive.
“Remember you have four more layers. This is just the first and it is showing wet gas, which in this part of the world is a pretty good start.”
Significantly, he says, BB-1 it is not that close to the other more famous Weald Basin discovery at Horse Hill, near Gatwick, so if BB works as well as hoped it will be a justification for the whole Weald Basin.
WATCH: Hydrocarbon shows from Broadford Bridge drilling 'pretty encouraging' - analyst Barney Gray
“Broadbridge Bridge well may prove a litmus test for whole play,” he says.
Two other planned Weald Basin wells, at Holmwood and Brockham, are are much nearer to Horse Hill , but the fact that BB is further away to the south west, will indicate how far the formations stretch.
Operator UK Oil and Gas PLC (LON:UKOG) owns all of BB, whereas Horse Hill was a syndicate effort and that 100% ownership suggests it is is very confident, Gray believes.
Next news will be updates from BB-1 as the drill hits the next Kimmeridge intervals.
Elsehwere, Brockham is on hold due to planning permission issues, while Holmwood may get going in the second half of 2017.
in the second half of this year, that means we should be some way to confirming Weald Basin is as exciting as hoped, he believes.