UK Oil & Gas Investments (UKOG) reported Wednesday that it has received final regulatory consent from the Oil & Gas Authority to acquire a 20-percent interest in the UK onshore Weald Basin license PEDL143 via the firm's farm-in with Egdon Resources.
PEDL143 covers 35.5 square miles and is adjacent to Horse Hill license PEDL137, in which UKOG has a 20.16-percent interest, and the Brockham oilfield within license PL235, in which UKOG also has an interest.
PEDL143 contains the Holmwood conventional prospect, which the PEDL143 partnership plans to test with the Holmwood-1 (H-1) exploration well. Full planning consent was granted for the well in September 2015. The well is intended to be drilled to a total depth of approximately 4,600 feet true vertical depth, to penetrate the Upper and Lower Portland Sandstone reservoir targets, the full Kimmeridge tight oil section and the underlying Middle Jurassic Corallian Sandstone reservoir objective.
The H-1 exploration well will target an estimated mean gross prospective resources of 5.6 million barrels for the combined Portland and Corallian objectives.
The H-1 well will also provide a key new penetration into the Kimmeridge tight oil play fairway, adjacent to UKOG's Horse Hill licences. The H-1 well will represent only the third modern well to penetrate and sample the Kimmeridge tight oil section alongside Horse Hill-1 and Balcombe-2. UKOG said that this means the well will provide an insightful modern data point in the overall tight oil proof of concept process in the Weald Basin.
UKOG Executive Chairman Stephen Sanderson commented in a company statement:
"As a result of OGA's consent for the PEDL143 farm-In, UKOG has now materially increased the prospective resources and recoverable oil potential of its core Weald portfolio. The conventional Holmwood prospect alone adds an additional net 1.1 million mean un-risked barrels of prospective resources to UKOG.
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