LSE Share Talk spoke with Stephen Sanderson about #UKOG RNS update Upgrade to Portland Oil in Place, Weald Basin.
Stephen Sanderson, UKOG’s Executive Chairman, who has over 35 years of relevant experience in the oil industry, explains in great detail the HH-1 well which UKOG owns a 27.3% interest in the Licences, which are operated by Horse Hill Developments Ltd.
Nutech’s Report details that the production of dry oil from the Portland, with little or no observed water production, required a rethink of the pre-flow test petrophysical model. Revised petrophysical model will be used to update Xodus’ 2015 estimates of the total OIP contained within the mapped Horse Hill Portland oil accumulation.
Stephen Sanderson explains in detail the following comment “The applications will seek permission to conduct a programme consisting of the production flow testing of 3 Kimmeridge Limestone zones plus the overlying Portland over a total flow period of up to 360 days, plus two further appraisal/development wells and the acquisition of 3D seismic data.”
The really big story about the Gatwick gusher.
What is – and is not – happening at the Horse Hill farm site only 20 miles from the southern outskirts of London is remarkable. On one hand, we have what genuinely can be described as significant – and even game changing – amount of oil. So congratulations are in order for the UKOG team for quietly, literally under Gatwick Airport’s radar, producing some actual hydrocarbons.
Andrew Bell Talks About todays Horse Hill-1 Oil Discovery RNS
A while back we looked at the story unfolding beneath Horse Hill. At the time we were curious to understand why Angus Energy had decided to depart from the Horse Hill Sisters and sell their stake to Regency. A simple answer would be that owning the rights to Brockham field meant they could benefit from the same oil that HH-1 discovered from only 2 miles away. And more so but we’ll get back to that. Before we do, let’s take a brief history trip!
With the UKOG shareholders eyes firmly focused on the flow test results soon to arrive from Horse Hill, the company released an Executive Summary of their play in the Isle of Wight. We also received news yesterday that the rig was installed at Horse Hill to start flow tests.