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Portland Oil Discovery, Horse Hill-1
Portland Oil Discovery, Horse Hill-1.
About this update from Uk Oil & Gas Plc
[{"type":"text","content":"\n \nRNS Number : 1807V UK Oil & Gas Investments PLC 24 October 2014 \n\nFor Immediate Release\n24 October 2014\n \nUK Oil & Gas Investments PLC\n(\"UKOG\" or the \"Company\")\n \nPortland Oil Discovery, Horse Hill-1, Weald Basin UK\n \nUKOG today announces that, following preliminary evaluation of the electric logs, the Horse Hill-1 well has discovered an oil accumulation in the conventional Upper Jurassic Portland Sandstone at a top reservoir depth of 1,791 feet TVDss. \n \nA preliminary most likely estimate of 3.1 million barrels (\"mmbbl\") of gross in place hydrocarbon volume has been calculated within the upper Portland, with a further gross unrisked in place prospective hydrocarbon volume of 16.8 mmbbl of oil in a separate lower sand in the Portland interval located in an untested fault block to the south. As previously announced, the well is being deepened to the Triassic where an additional target, believed to have potential for gas, is expected to be reached in the next two weeks.\n \nThe Portland Sandstone was previously reported on 16 October 2014 to have oil shows in cuttings and elevated gas readings whilst drilling and these indications have been confirmed by independent petrophysical analysis of the electric logs acquired in the well during the last week. Further analysis is continuing to establish the recoverable volume of oil that has been discovered.\n \nDavid Lenigas, the Company's Chairman, commented:\n \n\"We are very pleased with the results so far from this well. The presence of a larger, unappraised, Portland feature creates considerable further upside. We are now looking forward to drilling the Triassic, which is a new and untested exploration target in the area and which, if successful, may contain appreciable volumes of gas.\"\n \nUKOG interest in Horse Hill\n \nThe Horse Hill-1 well is located on the northern side of the Weald Basin near Gatwick Airport. UKOG owns a 20% direct interest in Horse Hill Developments Ltd (\"HHDL\") and an additional 2.4% interest in HHDL by virtue of its 6% ownership in Angus Energy Limited (\"Angus Energy\"). Angus Energy owns 40% of HHDL. HHDL is a special purpose company that owns a 65% participating interest and operatorship of onshore licences PEDL 137 and the a...