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UKOG Offered Isle of Wight Licence in 14th Round
UKOG Offered Isle of Wight Licence in 14th Round.
About this update from Uk Oil & Gas Plc
[{"type":"text","content":"\n \nRNS Number : 4394J UK Oil & Gas Investments PLC 17 December 2015 \n \n\n17 December 2015\nUK Oil & Gas Investments PLC\n(\"UKOG\" or the \"Company\")\nUKOG Offered Isle of Wight Licence in 14th Onshore Licence Round\n \nLicence Award\nUK Oil & Gas Investments PLC (London AIM and ISDX:UKOG) announces that its 14th Round application for an onshore Isle of Wight licence has been successful. The Oil and Gas Authority (\"OGA\") has today offered UKOG a licence covering an area of approximately 200 sq kilometres (\"the Licence\") in which UKOG will have a 65% interest. UKOG will confirm in due course whether it has accepted the offer from the OGA.\nArreton Discovery \nThe Licence contains the onshore Arreton undeveloped oil discovery. The Arreton-2 well was drilled in 1976 by British Gas and penetrated a 3 by 8 km anticlinal structure. The well found strong oil shows in the Upper Jurassic Portland reservoir section. A petrophysical analysis of Arreton-2 electric logs by Nutech calculates a total oil pay of 63 feet within the Portland. A further 127 feet of total oil pay is also calculated in limestones within the underlying Cornbrash and uppermost section of the Great Oolite reservoir formations. An undrilled Arreton \"look-alike\" prospect lies to the immediate south of the Arreton discovery.\nM Prospect\nThe Licence award will enable UKOG and its partners to drill the culmination of the M Prospect from an onshore location. The M Prospect is located primarily in the contiguous offshore licence P1916 (UKOG 77.5%), but extends into the Licence. As previously announced on 25 March 2015, the M Prospect includes significant mapped oil in place (\"OIP\") within the conventional Portland and Triassic sections. Additional Portland and Triassic prospects have been identified in the Licence on trend with the M Prospect. Further details are available on the Company's website: www.ukogplc.com.\nFurther Oil and Gas Potential\nIn addition to the Arreton discovery and M Prospect, the Licence also contains further undrilled oil prospects and substantial calculated OIP per square mile within tight limestones and shales of the Kimmeridge Clay, Oxford Clay and Lias Formations. \nVolumetric and Recoverable Resources Analysis\nThe Arreton oil discovery and M Prospect are currently the subject of an ongoing volumetric anal...