UKOG Updates Reserves at Markwells Wood Field

UK Oil & Gas Investments (UKOG) announced Monday that a competent persons report (CPR) by Xodus Group has calculated Markwells Wood oil field’s Jurassic great oolite limestone reservoir to contain a P50 potentially recoverable contingent resource of 1.25 million barrels.

The onshore UK field, which is 100 percent owned by UKOG, is located in license PEDL126 in the west of the Weald Basin. Xodus' CPR is based on the review and audit of UKOG’s subsurface evaluations of all available data over the Markwells Wood-1 discovery and the surrounding field area.

Stephen Sanderson, UKOG’s chairman, commented in a company statement:

"The Markwells Wood CPR is an important milestone for the company. The CPR has independently validated our internal viewpoint that the Markwells Wood field can likely be developed successfully. Excitingly, this means that, subject to the necessary regulatory consents, the company can now plan to develop this UK onshore oilfield to add further oil production to its existing producing portfolio.”



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
 -  Wood Group Engineers to Carry Out Sakh... (May 22)
 -  Sentinel Marine Takes Delivery of New ... (May 22)
 -  Schlumberger Signs MoU with Saudi Aram... (May 22)
 -  BP Staff Raise Money for 4 Charities w... (May 19)
 -  Norwegian Production Drops Month-on-Mo... (May 19)


Most Popular Articles

From the Career Center
Jobs that may interest you
Production Control Coordinator
Expertise: Production Engineering
Location: Houston, TX
 
Senior Engineer - Systems
Expertise: Subsea Engineering
Location: Wallingford, CT
 
United States Rock Springs: Field Engineer - Cased Hole
Expertise: Field Development|Field Service Tech
Location: Rock Springs, WY
 
search for more jobs

Brent Crude Oil : $53.61/BBL 2.09%
Light Crude Oil : $50.33/BBL 1.98%
Natural Gas : $3.26/MMBtu 2.51%
Updated in last 24 hours