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Horndean Field Resource Report by D&M
Horndean Field Resource Report by D&M.
About this update from Uk Oil & Gas Plc
[{"type":"text","content":"\n \n \n UK Oil & Gas Plc\n \n \n (\"UKOG\" or the \"Company\")\n \n \n \n \n \n Horndean Field Resource Report by D&M\n \n \n UK Oil & Gas PLC\n (London AIM: UKOG) \n is pleased to announce that a new Competent Person's Report (\"CPR\") has been completed on the Horndean field (UKOG 10% non-operated interest) by Dallas, Texas based\n DeGolyer & MacNaughton (\"D&M\"), a globally recognised oil & gas reserve estimation and valuations consultancy. The CPR's findings are summarised in Tables 1 and 2 below.\n \n \n Highlights:\n \n \n ·\n D&M completes CPR illustrating the present value of UKOG's 10% non-operated share of the Horndean oil field, located 10 miles north of Portsmouth, Hampshire.\n \n \n \n \n \n ·\n \n 179,300 barrels aggregate net UKOG 2P reserves + 2C contingent resources.\n \n \n \n \n \n \n \n \n ·\n \n £287,000 UKOG net share of oil sales revenues in 2022.\n \n \n \n \n \n \n \n \n ·\n \n Installation of new power-efficient surface pumps underway, expected to improve production rates and lower operating costs, potentially increasing profitability in 2023.\n \n \n \n \n \n \n ·\n \n The CPR's estimates of reserves and contingent resources are summarised in Tables 1 and 2 below.\n \n \n \n \n \n \n \n Table 1: Horndean CPR Reserves Valuation \n \n \n \n \n \n \n \n \n Case: D&M forward oil price\n \n \n \n \n \n \n Full Field (100%)\n \n \n \n \n \n \n UKOG Net (10%)\n \n \n \n \n \n \n \n PRMS Reserves\n \n \n \n \n \n 1P\n \n \n \n \n \n \n 2P\n \n \n \n \n \n \n 3P\n \n \n \n \n \n \n 1P\n \n \n \n \n \n \n 2P\n \n \n \n \n \n \n 3P\n \n \n \n \n \n \n \n Recoverable oil (million barrels)\n \n \n \n \n 0.86\n \n \n \n \n 1.00\n \n \n \n \n 1.17\n \n \n \n \n 0.09\n \n \n \n \n 0.10\n \n \n \n \n 0.12\n \n \n \n \n \n \n \n \n \n \n Table 2: Horndean CPR Contingent Resources Valuation\n \n \n \n \n \n \n \n \n Case: D&M forward oil price\n \n \n \n \n \n \n Full Field (100%)\n \n \n \n \n \n \n UKOG Net (10%)\n \n \n \n \n \n \n \n PRMS Contingent Resources\n \n \n \n \n \n 1C\n \n \n \n \n \n \n 2C\n \n \n \n \n \n \n 3C\n \n \n \n \n \n \n 1C\n \n \n \n \n \n \n 2C\n \n \n \n \n \n \n 3C\n \n \n \n \n \n \n \n Recoverable oil (million barrels)\n \n \n \n \n 0.3\n \n \n \n \n 0.8\n \n \n \n \n 1.3\n \n \n \n \n 0.03\n ...