Business
Farm-in to PEDL143
Farm-in to PEDL143.
About this update from Uk Oil & Gas Plc
[{"type":"text","content":"\n \nRNS Number : 4262R UK Oil & Gas Investments PLC 29 June 2015 \n \n\n29 June 2015 \nUK Oil & Gas Investments PLC\n(\"UKOG\" or the \"Company\")\n \nFarm-in to PEDL143, Holmwood Prospect, Weald Basin, UK\n \nUK Oil & Gas Investments PLC (London AIM: UKOG) is pleased to announce that it has executed a Farm-in agreement with Egdon Resources U.K. Limited (\"Egdon\") to acquire a 20% interest in UK onshore licence PEDL143, further increasing UKOG's interests in the Weald Basin. The operator of PEDL143 is Europa Oil & Gas Limited (\"Europa\").\nThe 91.8 square km (35.5 square miles) PEDL143 licence is located to the immediate west of Horse Hill licence, PEDL137, in which UKOG has an interest, and to the immediate south of the Brockham oil field, licence PL235, in which UKOG has an interest via its 6% ownership of Angus Energy Limited.\nPEDL143 contains the Holmwood prospect, which the PEDL143 partnership plans to test with the Holmwood-1 commitment well. The well is intended to be drilled to a total depth of approximately 4600 ft (1400 metres) true vertical depth to penetrate the Upper and Lower Portland Sandstone reservoir targets, the full Kimmeridge Clay section and the underlying Middle Jurassic Corallian Sandstone reservoir objective. Regulatory consent to drill the well is currently awaiting the outcome of a recent planning inquiry held by the Planning Inspectorate.\nA Competent Persons Report (\"CPR\") by ERC Equipoise Limited (\"ERCE\"), published in June 2012 on Europa's website (http://www.europaoil.com/documents/CPR_Europa_Final_070612.pdf) shows the Holmwood prospect is estimated to contain mean gross unrisked prospective resources of 5.6 million barrels for the combined Portland and Corallian objectives. The Chances of Success, estimated by ERCE at 32% for the Portland Sandstone and 25% for the Corallian Sandstone, are representative of moderate to low exploration risk.\nTransaction details:\nSubject to the grant of planning consent for the Holmwood-1 well and subject to receipt of the necessary approval from the Oil & Gas Authority, UKOG will pay a 40% share of the...