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Independent Assessment of Horse Hill Licence Area
Independent Assessment of Horse Hill Licence Area.
About this update from Gunsynd Plc
[{"type":"text","content":"\n \nRNS Number : 0855X Evocutis PLC 26 August 2015 \n\n26 August 2015\nEvocutis plc\n(\"Evocutis\" or the \"Company\")\nSchlumberger Independent Assessment of Horse Hill Licence Area\nThe Board of Evocutis plc (AIM: EVO) announces that a mean Oil in Place (\"OIP\") of 10.993 billion barrels has been independently calculated by Schlumberger to lie within the 55 square miles of the PEDL137 and PEDL246 Horse Hill licences (\"the Licence Area\") in the Weald Basin, located in the South East of England. Evocutis has a net attributable interest of 1.3% in the Licence Area.\nThe tight Jurassic limestones and shales of the Kimmeridge Clay Formation in the Licence Area are calculated to contain a total OIP of 8.262 billion barrels, with the shales of the Oxford Clay and Lias Formations containing an aggregate OIP of 2.731 billion barrels, as shown in Table 1. \nTable 1: Licence Area mean OIP estimates, millions of barrels (\"MMBO\")\n\n\n\n\nFormation\n\n\nMean OIP (MMBO)\n\n\n\n\nKimmeridge Clay\n\n\n8,262\n\n\n\n\nOxford Clay\n\n\n1,017\n\n\n\n\nLias \n\n\n1,714\n\n\n\n\nTOTAL \n\n\n10,993\n\n\n\n\nSchlumberger acquired the Horse Hill-1 well (\"HH-1\") electric logs during the drilling of HH-1. This analysis builds on their previous petrophysical evaluation of HH-1, located in PEDL137 near to London Gatwick Airport, as announced on 5 June 2015. In that previous HH-1 analysis, a total mean OIP, excluding the Upper Portland sandstone oil discovery, of 255 million barrels of oil per square mile was calculated. The current report incorporates the analysis of a further nine wells located within and beyond the Licence Area. \nIt should be noted, as previously reported, that the HH-1 Upper Portland sandstone oil discovery is a geologically separate oil accumulation from, and additional to, the identified underlying Jurassic tight oil plays.\nAs previously stated by the Company, the above estimated OIP hydrocarbon volumes should not be construed as recoverable resources or reserves and also should not be construed in any way to reflect potential producibility of hydrocarbons from the formations evaluated. The Company would expect to report estimated recoverable resources following a successful well flow test, in order to comply with the standards of the Society of Petroleum Engineers' 2007 Petroleum Resources Management System. \nThe re...