UK Oil & Gas Investments PLC (London AIM and NEX: UKOG) announces that the drilling rig and key equipment necessary to drill the Broadford Bridge-1 (“BB-1”) Kimmeridge Limestone well are now on site.
All regulatory permissions are now in place and drilling is expected, therefore, to commence shortly. The BB-1 well is located in the 300 km² PEDL234 licence, in which the Company has a 100% interest via its ownership of the licence’s operator, Kimmeridge Oil & Gas Limited.
The BB-1, an exploration step-out well, will test a geological look-alike to Horse Hill, located on the southern flank of the Weald Basin, and is, therefore, designed to test both the southerly extension of the Kimmeridge Limestone oil play across the Weald Basin and its development within the licence. The drilling will use tried and trusted conventional oil field techniques to test four naturally fractured Kimmeridge Limestone reservoir horizons, the uppermost two of which were successfully flow tested at the Company’s Horse Hill oil discovery in 2016.
The well will acquire the most comprehensive data set gathered to date over the Kimmeridge Limestone sequence, to include extensive conventional coring and electric logging aimed at characterising natural fracturing and other key reservoir parameters. Once drilled, cored and logged, the well will be completed as a potential oil-producer and flow tested.
Stephen Sanderson, UKOG’s Executive Chairman commented:
“The BB-1 well will add materially to our knowledge and understanding of the Kimmeridge Limestone play within the Licence and across the wider Weald Basin. BB-1 is a key piece of the Kimmeridge Limestone puzzle.”
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.
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