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UKOG details 21mln barrels of conventional resources onshore UK

The British explorer says the conventional resource base underpins the 'significant growth potential' in the Kimmeridge assets.

oil and gas operations
The new CPR focused on already discovered assets

UK Oil & Gas Investments PLC (LON:UKOG) has detailed new resource estimates for its conventional assets, with up to 21mln barrels of potentially recoverable oil identified across seven projects.

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.

READ: What’s next at the Gatwick Gusher?

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.”

Quick facts: UK Oil & Gas PLC

Price: 0.925 GBX

Market: AIM
Market Cap: £64.51 m

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