UKOG Upgrades Horse Hill Volumes

Junior explorer UK Oil and Gas Investments plc (UKOG) announced Monday a substantial upgrade to volumes discovered at its Horse Hill-1 (HH-1) and Collendean Farm-1 (CF1) structures on the PEDL137 onshore license area of the Weald Basin, southern England.

Energy consultancy Xodus calculates that the Upper Portland Sandstone conventional reservoir  contains a best estimate (P50) gross STOIIP (Stock Tank Oil Initially in Place) of 21.0 million barrels entirely within PEDL137 and encompasses both the HH-1 and CF-1 wells. This is an increase of 12.8 million barrels from the 8.2 million barrels mmbbls (P50) gross STOIIP reported on December 17, 2014.
 
The Upper Portland is the uppermost, conventional, oil-saturated reservoir found in the HH-1 and CF-1 wells, UKOG said. It overlies, and is entirely separate from, the Kimmeridge, Oxford and Lias oil-saturated argillaceous limestone and mudstone rock sections reported on April 9 and April 15, 2015.

UKOG CEO Stephen Sanderson commented in a company statement:

"The Xodus Report supports the company's view that the Horse Hill and Collendean Farm oil pool constitutes a significant conventional Upper Portland Sandstone oil discovery in the Weald basin."

Neil Ritson, the chairman of Solo Oil, which is a partner in PEDL137, added in a separate statement:

"This report from Xodus clearly supports Solo's existing view that there is a worthwhile sized, and potentially commercial, discovery in the conventional sandstone reservoirs in the Upper Portland at Horse Hill."

UKOG holds an interest in the PEDL137 license via a 31.3-percent stake in Horse Hill Developments (HHDL), which in turn owns a 65-percent stake in PEDL137. Solo holds a 10-percent interest in HHDL.



Have a news tip? Share it with Rigzone!
Email news@rigzone.com

WHAT DO YOU THINK?

Click on the button below to add a comment.
Post a Comment
Generated by readers, the comments included herein do not reflect the views and opinions of Rigzone. All comments are subject to editorial review. Off-topic, inappropriate or insulting comments will be removed.

Related Companies
Events  SUBSCRIBE TO OUR NEWSLETTER

Our Privacy Pledge
SUBSCRIBE

More from this Author
Rigzone Staff
e-mail us at news@rigzone.com
 -  Zion Granted Approval to Drill Well On... (Dec 2)
 -  Production Drilling Begins at Mariner ... (Dec 2)
 -  Subsea 7 Secures Services Contract wit... (Dec 2)
 -  Eni: Oil Worker Dies Following Congo P... (Dec 2)
 -  FAR Refutes Claims that it cannot Farm... (Dec 1)


Most Popular Articles

From the Career Center
Jobs that may interest you
United States Broussard: Senior Field Engineer - MWD/LWD
Expertise: Field Development
Location: Broussard, LA
 
Asset Integrity Manager
Expertise: Asset Management|Project Management|QA / QC / Inspection
Location: Pasadena
 
Senior Geologist (On-call)
Expertise: Geologist
Location: Minneapolis, MN
 
search for more jobs

Brent Crude Oil : $54.46/BBL 0.96%
Light Crude Oil : $51.68/BBL 1.21%
Natural Gas : $3.44/MMBtu 1.99%
Updated in last 24 hours