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.

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