Business
Avington Oil Production to Restart
Avington Oil Production to Restart.
About this update from Uk Oil & Gas Plc
[{"type":"text","content":"\n\nUK Oil & Gas PLC\n(\"UKOG\" or the \"Company\")\n \n \nAvington Oil Production to Restart\n \nUK Oil & Gas PLC (London AIM: UKOG) is pleased to announce that the Avington Joint Operating Committee has now formally agreed to restart oil production at the field. Prior to its 2017 shut-in, the field had produced 0.276 million barrels of an estimated mid case of 59 million barrels of original oil in place (\"OIP\"), a recovery factor of only 0.47%. As the three closest similar producing fields to Avington exhibit oil recoveries of around 6-13% of the assessed OIP, potentially significant remaining recoverable oil resources lie within Avington for future exploitation.\n \nAvington operations will recommence via a workover of Avington-3z, the field's best performing well, which came on stream in 2007 and accounts for around 81% of produced oil. Given the 5-year shut-in period, which potentially has permitted reservoir pressure around the well to build up, some element of \"flush\" production (i.e., higher than the flow rate prior to shut-in) is expected upon production restart.\n \nThe field was granted new planning consent in December 2021. UKOG holds a 5% non-operated interest in Avington and the surrounding licence.\n \nQualified Person's Statement\n \nMatt Cartwright, UKOG's Commercial Director, who has 40 years of relevant experience in the global oil industry, has approved the information contained in this announcement. Mr Cartwright is a Chartered Engineer and member of the Society of Petroleum Engineers.\n \n \nFor further information, please contact:\n\n\n\nUK Oil & Gas PLC\n\n\n \n\n\n\n\nStephen Sanderson / Allen D Howard\n \n\n\nTel: 01483 941493\n\n\n\n\nWH Ireland Ltd (Nominated Adviser and Broker)\n\n\n \n\n\n\n\nJames Joyce / James Bavister/ Andrew de Andrade\n \n\n\nTel: 020 7220 1666\n\n\n\n\nCommunications\n\n\n \n\n\n\n\nBrian Alexander\n\n\nTel: 01483 941493\n\n\n\n\n\n\n\n\n \nGlossary\n\n\n\noil field\n\n\na subsurface oil accumulation existing within a single or multiple geological reservoir unit from which oil is recovered to surface. Note that an oil field can consist of one or more oil pools or distinct reservoirs.\n\n\n\n\noil in place\n\n\nthe quantity of oil that is estimated to exist in naturally occ...