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.”