logo-loader
viewUK Oil & Gas PLC

UK Oil & Gas ‘confident’ as new drilling kicks off at Horse Hill project

“We are confident that the meticulously planned HH-2/2z operation, the first of two planned horizontal wells in the Portland oil pool, leaves little to chance."

UK Oil & Gas ‘confident’ as new drilling kicks off at Horse Hill project
A total of around 5,800 feet will be drilled to deliver the wells

UK Oil & Gas PLC (LON:UKOG) told investors that drilling has now begun for the HH-2/2z horizontal well at the Horse Hill project, which is located near Gatwick.

It is one of two horizontal wells which will establish valuable production from the conventional Portland oil pool, UKOG highlighted.

These wells, as horizontals, will be exposed to more of the reservoir and as such are expected to flow at significantly higher production rates than the 362 barrels of oil per day measured whilst testing the vertical Portland section in the current Horse Hill well.

READ: UKOG prepares for new Horse Hill well

UKOG, the largest stakeholder in Horse Hill with 85.635%, said it expects that HH-2 will be put into long term production by the end of 2019.

Stephen Sanderson, UKOG chief executive, described the well spudding as “another landmark milestone’ for the project.

“We are confident that the meticulously planned HH-2/2z operation, the first of two planned horizontal wells in the Portland oil pool, leaves little to chance.

“We look forward to a safe and successful drilling campaign and to the realistic prospect of HH-2/2z delivering a significant increase in UKOG's net oil production and associated revenues before the end of 2019."

The drill plan in more detail

UKOG detailed that the programme will start with a vertical pilot hole, referred to as HH-2, down to a depth of around 3,000 feet.

The horizontal well, referred to as HH-2z, will then be drilled out horizontally to include around 3,200 feet through what‘s believed to be the most oil-productive part of the Portland reservoir.

It all, some 5,800 feet of drilling is expected to take place to deliver the well.

Quick facts: UK Oil & Gas PLC

Price: 0.958 GBX

AIM:UKOG
Market: AIM
Market Cap: £66.81 m
Follow

Add related topics to MyProactive

Create your account: sign up and get ahead on news and events

NO INVESTMENT ADVICE

The Company is a publisher. You understand and agree that no content published on the Site constitutes a recommendation that any particular security, portfolio of securities, transaction, or investment strategy is...

FOR OUR FULL DISCLAIMER CLICK HERE

Watch

Futura Medical sees 'potentially quicker route to market' for its erectile...

Futura Medical PLC's (LON:FUM) executive director and head of R&D Ken James speaks to Proactive London's Andrew Scott following the read-out from the phase III clinical trial of its erectile dysfunction gel. James says while MED2005 showed strong efficacy, excellent safety and rapid speed...

1 hour, 31 minutes ago

2 min read