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Upgrade to Portland Oil in Place, Weald Basin
Upgrade to Portland Oil in Place, Weald Basin.
About this update from Uk Oil & Gas Plc
[{"type":"text","content":"\n \nRNS Number : 5309E UK Oil & Gas Investments PLC 19 July 2016 \n\nUK Oil & Gas Investments PLC\n(\"UKOG\" or the \"Company\")\nUpgrade to Portland Oil in Place, Horse Hill-1 Discovery, Weald Basin \n \nUK Oil & Gas Investments PLC (LSE AIM/ISDX: UKOG) announces that a new petrophysical analysis by Nutech, incorporating the findings of the successful Horse Hill-1 (\"HH-1\") flow test, demonstrates a threefold increase in calculated total oil in place (OIP) per square mile at the HH-1 well within the Upper Portland pay zone. As reported in May 2015 a total Horse Hill Portland P50 OIP of 21 million barrels (\"MMbbl\") was calculated utilising Nutech's petrophysical analyses. Nutech's May 2015 evaluation assigned a Portland OIP value of 7.7 MMbbl per square mile at the HH-1 well. Nutech's current evaluation upgrades the Portland OIP at HH-1 to 22.9 MMbbl per square mile, a 200% increase\nAs previously announced the final HH-1 Portland test flowed at a constrained stable dry oil rate of 323 barrels of oil per day (\"bopd\"). The Portland was produced at maximum pump capacity and showed no clear indication of depletion. It is likely that the rate can be further increased using a higher capacity downhole pump during the next planned test.\nAs previously stated by the Company, the calculated OIP per square mile should not be construed as recoverable resources, contingent or prospective resources or reserves. \nHH-1 Discovery Well Location and Company Interest\nThe HH-1 well is located within onshore exploration Licence PEDL137, on the northern side of the Weald Basin near Gatwick Airport. PEDL246 lies adjacent to and immediately to the east of PEDL137 (\"the Licences\"). UKOG owns a 27.3% interest in the Licences, which are operated by Horse Hill Developments Ltd.\nBackground\nNutech's Report (\"Report\") details that the production of dry oil from the Portland, with little or no observed water production, required a rethink of the pre-flow test petrophysical model. Prior to the flow test, interpretations suggested that water would likely be produced along with oil, as is seen in Portland reservoirs in nearby producing oil fields. The revised model fully incorporates well test observations and measurements.\n \nFrom a similar review of the petrophysical response within the Kimmeridge Lime...