Onshore UK Portland Field Dubbed Commercially Viable
Horse Hill Developments (HHDL), a UK Oil & Gas plc (UKOG) subsidiary, considers the Portland oil field to be commercially viable, UKOG has revealed.
The news follows an extended well test program at the site. HHDL now targets the start up of long term Portland oil production next year, subject to the grant of necessary regulatory consents, according to UKOG.
"HHDL's declaration of Portland commercial viability is a significant milestone for the company. It transforms Horse Hill from solely exploration into a fully-fledged field development with a full-scale oil production start up targeted in 2019,” Stephen Sanderson, UKOG's chief executive, said in a company statement.
“The better than expected extended well test results have robustly demonstrated that the Portland has significant daily production potential in its own right, which could see the first planned horizontal producer attain sustained oil rates of 720-1,080 barrels of oil per day,” he added.
“If realized, these rates could make the Horse Hill Portland oil field one of the UK onshore's top producers,” Sanderson continued.
UKOG, which focuses primarily on oil and gas assets in the Weald Basin in southern England, currently has interests, held directly or indirectly, in a portfolio of eight UK oil and gas assets, according to its website.
Last month, the company announced that it had completed the acquisition of a 22 percent shareholding in HHDL from Gunsynd plc, Primorus Investments plc and Solo Oil plc. The company now owns 71.9 percent of HHDL and holds a 46.735 percent beneficial interest in the onshore Weald Basin licenses PEDL137 and PEDL246.
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