UK Oil & Gas Investments announced Wednesday that its initial subsurface analyses of the onshore P1916 license on the Isle of Wight, which lies of southern England, confirms the potential for "significant un-risked hydrocarbon volumes" within the M Prospect.
The M Prospect is located in the offshore and onshore transition area along the southwest coast of the Isle of Wight. It consists of two main reservoir objectives: the main prospective Portland Limestone and the Triassic Sherwood Sandstone.
The Portland Limestone is estimated to contain 40 million barrels of oil on a most-likely, un-risked gross oil initially in place basis, while the Triassic Sherwood Sandstone is estimated to hold 76.5 million barrels. A gas-only case for the Triassic Sherwood shows a most-likely gross gas initially in place estimate of 197 billion standard cubic feet of gas.
UKOG said it is currently working on volumetric estimates for additional identified reservoir objectives. These include limestones within the Kimmeridge Clay Formation, as encountered in the company's recent Horse Hill-1 discovery well, and the Corallian Osmington Oolites, which initial electric log analyses indicate are oil saturated in the nearby onshore Arreton-2 well.
UKOG CEO Stephen Sanderson commented in a company statement:
"The Isle of Wight, and particularly the M Prospect, represents an exciting part of UKOG's growing core exploration growth portfolio here in the UK. The M Prospect is well defined, drill-ready and may represent the Weald-Wessex basin's largest undrilled conventional Portland trap and one of the provinces second or third largest undrilled conventional Triassic traps.
"The Triassic offers potentially high-quality and substantial net reservoir thicknesses, not usually associated with the Weald-Wessex basin outside of the giant Wytch Farm field. If successful, the M Prospect has company maker impact for UKOG."
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