The conventional asset base excludes the high potential Kimmeridge play, which according to previous comments could ultimately see numbers in the billions of barrels.
Wednesday’s competent persons report, produced by consultant Xodus Group, focused solely on discovered resources.
Xodus identified 21mln barrels of net recoverable resources; comprising 13.2mln barrels of contingent resources and 7.7mln barrels of prospective resources and 85,000 barrels of reserves from stable production.
"This CPR, the first evaluation of UKOG's entire conventional asset base, is an important company milestone and amply demonstrates the substantial growth created in the company's four years as an Oil & Gas investing company,” said Stephen Sanderson, UKOG executive chairman.
“Furthermore, it demonstrates that the significant growth potential of our flagship Kimmeridge Limestone assets is solidly underpinned by UKOG's discovered oil resources lying within geologically simple and easy to develop conventional oil accumulations.”