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Nutech Assessment of UKOG Weald Basin Interests
Nutech Assessment of UKOG Weald Basin Interests.
About this update from Uk Oil & Gas Plc
[{"type":"text","content":"\n \nRNS Number : 8941C UK Oil & Gas Investments PLC 21 October 2015 \n \n\n21 October 2015\n \nUK Oil & Gas Investments PLC\n(\"UKOG\" or the \"Company\")\n \nNutech Assessment of UKOG Weald Basin Interests and Wider Weald, Onshore UK\n \nUK Oil & Gas Investments PLC (LSE AIM: UKOG) announces that it has received an oil in place (\"OIP\") volumetric evaluation that it commissioned Houston based Nutech, a leading specialist in the evaluation of tight oil plays, to conduct over eight of the licence areas in which the Company has an interest in the Weald Basin and also over the wider Weald Basin, located in southern England (the \"Report\"). \n \nKey Points:\n \n· A gross best estimate (\"P50\") OIP of 15.7 billion barrels (\"BBO\") is calculated to lie within three Jurassic shale and interbedded limestone tight oil plays underlying the 8 licence areas in the Weald Basin in which UKOG has an interest (\"Licence Areas\", covering 151 sq miles see Table 2). \n· Within this gross best estimate, an aggregate net attributable 3.9 BBO P50 OIP is calculated for UKOG's economic interests in the Licence Areas. \n· The three Jurassic tight oil plays underlying the wider Weald Basin's 1,261 sq mile area (the Area of Interest \"AOI\") are calculated to contain a gross best estimate P50 OIP of 124 BBO. Please note that other than UKOG's eight Licence Areas, in which it is calculated UKOG has a net attributable 3.9 BBO P50 OIP, the Company has no further economic interest in the AOI.\n \nThe gross P50 OIP for the Licence Areas stated above is the aggregate OIP for all eight licences, in which UKOG has varying economic interests. These eight licences represent the Company's total licence interests within the AOI. \n \nThe Report's executive summary is available on the Company's website (www.ukogplc.com).\n \nCautionary Statement \n \nThe Report's OIP numbers should be regarded as Total Petroleum Initially in Place, as defined by the Society of Petroleum Engineer's Petroleum Resource Management System of resource reporting. \n \nAs previously stated by the Company, it is emphasised that the above estimated OIP volumes should not be construed as recoverable resources, contingent or prospective resources, or re...