OGA Approves UKOG Acquisition of Weald Basin License

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.
 
"The additional potential contained within the Kimmeridge tight oil section, to be tested by the H-1 well, provides the company with both a stronger overall position in the tight oil play fairway and a further opportunity to validate the regional extent and commerciality of the play.
 
"Given UKOG's position in the Kimmeridge limestone play, together with its knowledgeable position in the Portland gained from Brockham and Horse Hill-1, we plan to be an active partner, particularly in assisting well design and data acquisition within the H-1 well.
 
We look forward to a fruitful relationship with the partnership and future success in the H-1 well."



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
 -  OMV Petrom, Hunt Oil Start Experimenta... (Dec 9)
 -  Waitsia JV Approves 2017 Development A... (Dec 9)
 -  SapuraKencana: Short-Term Industry Out... (Dec 8)
 -  Oil Flows From Otakikpo Marginal Field... (Dec 8)
 -  Plexus: More Cuts Expected (Dec 8)


Most Popular Articles

From the Career Center
Jobs that may interest you
Executive Director
Expertise: Business Development|Executive|Project Management
Location: Houston, TX
 
Associate Product Portfolio Manager Job
Expertise: Business Development|Marketing|Sales
Location: Denver, CO
 
Sr Counsel - Litigation and Legal Technology
Expertise: Legal
Location: The Woodlands, TX
 
search for more jobs

Brent Crude Oil : $54.33/BBL 0.81%
Light Crude Oil : $51.5/BBL 1.29%
Natural Gas : $3.75/MMBtu 1.35%
Updated in last 24 hours