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Drilling commences at Horse Hill
Drilling commences at Horse Hill.
About this update from Uk Oil & Gas Plc
[{"type":"text","content":"\n \nRNS Number : 6747Q UK Oil & Gas Investments PLC 03 September 2014 \n \n\nFor Immediate Release\n3 September 2014\n \nUK Oil & Gas Investments PLC\n(\"UKOG\" or the \"Company\")\n \nDrilling commences at Horse Hill\n \nUKOG (AIM: UKOG) is pleased to announce that drilling operations on the Horse Hill-1 well have now commenced.\n \nThe Horse Hill-1 well is planned to be drilled to a Total Depth (\"TD\") of 2,646 metres (8,680 feet) and is designed to test for a number of conventional stacked oil targets in the Jurassic, as well as a deeper conventional gas target in the Triassic.\n \nThe operator, Horse Hill Developments Ltd (\"HHDL\"), is a special purpose company with a 65% operating interest in the PEDL 137 license in the Weald Basin to the north of Gatwick Airport in Surrey. UKOG has binding agreements in place to own a direct 20% interest in HHDL and an additional 2.4% interest by virtue of its 6% ownership in Angus Energy Limited (\"Angus Energy\"). Angus Energy owns 40% of HHDL.\n \nThe participants in the Horse Hill Prospect are HHDL (65%) and Magellan Petroleum Corporation (35%).\n \nDavid Lenigas, the Company's Chairman, commented:\n \n\"This is an exciting time for UKOG as we embark on this well that will not only test a number of conventional oil formations, but will be one of the first wells drilled in this part of the Weald Basin to test for the potential for conventional gas in the deeper Triassic formations.\"\n \n \nAbout Horse Hill:\n \nThe 99.29 km2 (24,525 acre) Horse Hill Petroleum Exploration and Development Licence No. 137 (PEDL 137) (\"Horse Hill\") is located in Surrey, a few miles from Gatwick Airport.\n \nThe Horse Hill Prospect OOIP and OGIP and prospective resources, as announced by UKOG on 20 December 2013, are summarised in Table 1.\n \nTable 1: Horse Hill Prospect estimated OOIP, OGIP and Prospective Resources.\n \n\n\n\n\nTarget Reservoir\nOil\n\n\nOOIP\nUpside Potential (MMSTB)\n\n\nOOIP\nMean (MMSTB)\n\n\nProspective Resources\nMean (MMSTB )\n\n\n\n\nUpper Portland Sandstone\n\n\n116\n\n\n57\n\n\n17\n\n\n\n\nLower Portland Sandstone\n\n\n284\n\n\n147\n\n\n44\n\n\n\n\nCorallian Sandstone\n\n\n67\n\n\n33\n\n\n10\n\n\n\n\nGreater Oolite Limestone\n\n\n204\n\n\n104\n\n\n16\n\n\n\n\nTotal Oil\n\n\n671\n\n\n341\n\n...