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Upgrade to Portland Oil Resources, Weald Basin
Upgrade to Portland Oil Resources, Weald Basin.
About this update from Uk Oil & Gas Plc
[{"type":"text","content":"\n \nRNS Number : 1648W UK Oil & Gas Investments PLC 07 February 2017 \n\nUK Oil & Gas Investments PLC\n \n(\"UKOG\" or the \"Company\")\n \nUpgrade to Portland Oil Resources, Horse Hill Oil Discovery, PEDL137, Weald Basin, UK\n \nHighlights\n \n· Xodus calculate Portland sandstone P50 Oil in Place (\"OIP\") of 32 million barrels (\"MMbbl\"), a 53% increase from the 21 MMbbl previously reported prior to successful 2016 flow testing\n \n· Gross recoverable Portland 2C Contingent Resources 1.5 MMbbl \n \n· Net UKOG attributable Portland 2C Contingent Resources 0.5 MMbbl\n \n· Base Case Portland initial oil-rate estimated at 350 barrels of oil per day (\"bopd\") per well\n \n· Ultimate recovery could be increased by a further 8-14% of OIP via early implementation of a water re-injection scheme. If successful, this could represent a 114%-440% addition to 2C recoverable resources, equating to a further 1.7-6.6 MMbbl gross recoverable, or 0.5-2.1 MMbbl net to the Company\n \n· Work plans now aimed towards Portland long-term production by end 2018\n \n \n \nUK Oil & Gas Investments PLC (LSE AIM/ISDX: UKOG) announces that a new Report by Xodus calculates the Horse Hill Portland sandstone conventional oil accumulation, in which the Company holds a 31.2% interest, to contain an OIP of 32 MMbbl, an increase of 53% from the previously reported 21 MMbbl of May 2015. The upgrade results from the incorporation of Nutech's revised petrophysics, as reported in July 2016. As previously stated by the Company, OIP should not be misconstrued as recoverable Contingent Resources or reserves, which are detailed below.\nIn March 2016 UKOG reported the final Horse Hill-1 (\"HH-1\") Portland test flowed at a stable dry oil rate of 323 bopd, producing light, sweet, 35 API gravity crude. The Portland was produced at the rod-pump's maximum achievable rate and thus flow was constrained by the pump's mechanical capacity. The test data analyses show no clear indication of depletion. \nAs a result of further analysis of the Portland flow test data, plus a review of similar producing fields, Xodus ...