UK Oil & Gas Investments PLC Appraisal & Development Planning Submission (3239K)
September 20 2016 - 4:58AM
UK Regulatory
TIDMUKOG
RNS Number : 3239K
UK Oil & Gas Investments PLC
20 September 2016
20 September 2016
UK Oil & Gas Investments PLC
("UKOG" or the "Company")
Appraisal & Development Planning Submission - Markwells Wood
Oil Discovery, UK Weald Basin
UK Oil & Gas Investments PLC (LSE AIM/ISDX: UKOG) announces
that a planning application has been submitted to the South Downs
National Park Authority for the appraisal and development of the
company's conventional Markwells Wood-1 ("MW-1") oil discovery,
located near Rowlands Castle in West Sussex. UKOG owns a 100%
interest in the Markwells Wood licence (PEDL126). The MW-1 oil
discovery, which was successfully tested in 2012, lies adjacent to
the producing Horndean oil field, a geological look-alike
accumulation in which the company has a 10% interest.
Subject to the required regulatory approvals, the first phase of
the envisaged Markwells Wood development would consist of the
drilling and extended production testing of a new horizontal
sidetrack appraisal well from the existing MW-1 borehole.
Contingent upon the sidetrack's commercial performance, a second
phase of up to three further horizontal production wells and a
water injection well would be undertaken.
In order to minimise impact to the locality, feedback from a
public consultation and engagement process, undertaken in July, was
incorporated into the envisaged development design and planning
application. The normal local planning authority cycle takes
approximately 16 weeks.
Stephen Sanderson, UKOG's Executive Chairman, commented:
"This is an important milestone towards monetising the Markwells
Wood oil discovery. We look forward to further engaging with
stakeholders and to a successful planning outcome."
Qualified Person's Statement:
Stephen Sanderson, UKOG's Executive Chairman, who has over 35
years of relevant experience in the oil industry, has approved the
information contained in this announcement. Mr Sanderson is a
Fellow of the Geological Society of London and is an active member
of the American Association of Petroleum Geologists.
For further information, please contact:
UK Oil & Gas Investments PLC
Stephen Sanderson / Jason Berry Tel: 020 7440 0640
WH Ireland (Nominated Adviser and Broker)
James Joyce / James Bavister Tel: 020 7220 1666
Square 1 Consulting (Public Relations)
David Bick / Brian Alexander Tel: 020 7929 5599
Glossary:
discovery a discovery is a petroleum accumulation
for which one or several exploratory
wells have established through testing,
sampling and/or logging the existence
of a significant quantity of potentially
moveable hydrocarbons
---------- ------------------------------------------
sidetrack re-entry of a well from the well's
surface location with drilling equipment
for the purpose of deviating from
the existing well bore to achieve
production or well data from an
alternative zone or bottom hole
location, or to remedy an engineering
problem encountered in the existing
well bore.
---------- ------------------------------------------
Notes to Editors:
UKOG Licence Interests
The Company has interests in the following UK licences:
Asset Licence UKOG's Licence Operator Area Status
Interest Holder (km(2)
)
------------ --------- ---------- ------------------- ------------------- -------- --------------------------
Avington UKOG (GB) IGas Energy Field in stable
(1) PEDL070 5% Limited Plc 18.3 production.
------------ --------- ---------- ------------------- ------------------- -------- --------------------------
Reviewing
Baxters economics
Copse UKOG Weald IGas Energy of appraisal/development
(2) PEDL233 50% Limited Plc 89.6 well.
------------ --------- ---------- ------------------- ------------------- -------- --------------------------
Kimmeridge Kimmeridge BB-1 well
Broadford Oil & Oil & permitted,
Bridge Gas Limited Gas Limited expected 2017
(3) PEDL234 100% (4) (4) 300.0 spud date.
------------ --------- ---------- ------------------- ------------------- -------- --------------------------
Drilling of
Angus Angus sidetrack
Brockham Energy Energy well being
(1) PL235 3.6% (6) (6) 8.9 considered.
------------ --------- ---------- ------------------- ------------------- -------- --------------------------
Europa
Oil & Holmwood-1
Holmwood Gas (Holdings) exploration
(3) PEDL143 30% UKOG plc 91.8 well planned.
------------ --------- ---------- ------------------- ------------------- -------- --------------------------
Horndean UKOG (GB) IGas Energy Field in stable
(1) PL211 10% Limited Plc 27.3 production.
------------ --------- ---------- ------------------- ------------------- -------- --------------------------
Horse Horse Horse Extended flow
Hill Hill Developments Hill Developments testing of
(5) PEDL137 31.2% Ltd (7) Ltd (7) 99.3 HH-1.
-------- --------------------------
Horse Horse Horse Extended flow
Hill Hill Developments Hill Developments testing of
(5) PEDL246 31.2% Ltd (7) Ltd (7) 43.6 HH-1.
------------ --------- ---------- ------------------- ------------------- -------- --------------------------
Isle
of Wight Preparing
(Offshore) UKOG Solent UKOG Solent drilling planning
(3) P1916 100% Limited Limited 46.7 submission.
------------
Isle
of Wight Preparing
(Onshore) drilling planning
(2, 3) PEDL331 65% UKOG TBA 200.0 submission.
------------ --------- ---------- ------------------- ------------------- -------- --------------------------
Angus Angus Drilling of
Lidsey Energy Energy infill well
(1) PL241 4.2% (6) (6) 5.3 being considered.
------------ --------- ---------- ------------------- ------------------- -------- --------------------------
Markwells
Wood UKOG (GB) UKOG (GB) Submitted
(2) PEDL126 100% Limited Limited 11.2 planning application.
------------ --------- ---------- ------------------- ------------------- -------- --------------------------
Notes:
1. Oil field currently in production.
2. Oil discovery pending development and/or appraisal
drilling.
3. Exploration asset with drillable prospects and leads.
4. UKOG has a 100% interest in Kimmeridge Oil & Gas Limited,
which has a 100% interest in PEDL234.
5. Oil discovery with recently completed flow testing.
6. UKOG has a 6% interest in Angus Energy, which has a 70%
interest in Lidsey and a 60% interest in Brockham.
7. UKOG has a direct 48% interest in HHDL, which has a 65%
interest in PEDL137 and PEDL246.
This information is provided by RNS
The company news service from the London Stock Exchange
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