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UK Oil & Gas looks forward to imminent horizontal drilling at Horse Hill

A drill rig will arrive at the Horse Hill site later this month.

UK Oil & Gas PLC - UK Oil & Gas looks forward to imminent horizontal drilling at Horse Hill

UK Oil & Gas PLC (LON:UKOG) has told investors that it will soon begin drilling operations for the Horse Hill project’s first horizontal well.

The British onshore oiler, in a stock market statement, revealed that final site works to accommodate the drill rig was completed yesterday.

It is anticipated that the rig will arrive later this month with drilling due shortly thereafter.

First a vertical pilot hole will be drilled, taking around 30 days, followed by the drilling of a horizontal section.

The horizontal well is targeting the conventional Portland oil zone and is designed to maximise production from the reservoir.

Horse Hill’s extended production testing in the deeper Kimmeridge oil zone is paused for the new well operations. Prior to the pause, the production rate was marked at 313 barrels of oil per day.

A total of 36,559 barrels of crude have now been produced from the Kimmeridge during testing, and, including Portland the overall test production volumes amount to some 66,127 barrels.

"Following our transformational acquisition of a further 35% interest in Horse Hill, our attention is now firmly refocused upon the Portland oil pool and the drilling of the much anticipated HH-2/2z Portland horizontal well, a key step towards establishing significant long-term production and cash flow from Horse Hill by the end of the year,” said Stephen Sanderson, UKOG chief executive.

“Meanwhile, the Kimmeridge continues to produce solidly and beyond our technical expectations, which bodes extremely well for the future Kimmeridge development at Horse Hill and elsewhere in our licences in the Weald Basin."

Following a recent transaction, UKOG now controls 85.635% of the Horse Hill project.

Quick facts: UK Oil & Gas PLC

Price: 0.598 GBX

Market: AIM
Market Cap: £40.83 m

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