UK Oil & Gas PLC (LON:UKOG) HH-2/2z Drilling Commences (“Spud”) at Horse Hill

Stephen Sanderson, UKOG’s Chief Executive, commented: The spud of HH-2/2z is another UKOG landmark milestone and a key enabler towards establishing long term oil production at Horse Hill.

We are confident that the meticulously planned HH-2/2z operation, the first of two planned horizontal wells in the Portland oil pool, leaves little to chance. We look forward to a safe and successful drilling campaign and to the realistic prospect of HH-2/2z delivering a significant increase in UKOG’s net oil production and associated revenues before the end of 2019.”

HH-2/2z Drilling Commences (“Spud”) at Horse Hill Oil Field

UK Oil & Gas PLC (London AIM: UKOG) is pleased to announce that drilling operations for its new Horse Hill-2/2z (“HH-2/2z”) Portland well commenced (“spudded”) on Sunday morning, 29 September.

HH-2/2z, the first of two new horizontal wells in the field’s Portland oil pool, is designed to be retained as a future production well, capable of delivering flow rates significantly higher than the previously reported 362 barrels of oil per day (“bopd”) from the HH-1 vertical Portland discovery well. Following a planned extensive HH-2z production flow-testing campaign, both HH-2z Portland and the HH-1 Kimmeridge well are expected to be put into long term production by the end of 2019.

UKOG holds a controlling 85.635% interest in the Horse Hill oil field and surrounding highly prospective PEDL137 and PEDL246 licences, which are operated by UKOG’s subsidiary company, Horse Hill Developments Ltd.

Forward Drilling Plans:

The HH-2 pilot, designed to acquire key geological data to ensure the horizontal is correctly positioned within the Portland reservoir, will drill ahead in 12¼” diameter hole down to around 2,000 ft below surface and will then be cased back to surface. Drilling of 8½” diameter hole and conventional coring over the full vertical extent of the Portland oil pool will then follow.

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Upon reaching a total depth of approximately 3,000 ft, HH-2 will be electric logged and then plugged back in preparation for the immediate start of HH-2z. The planned HH-2z trajectory, of total length of approximately 5,800 ft from surface, will contain a horizontal section of approximately 3,200 ft wholly within the Portland reservoir’s most oil-productive zone.

HH-1 Kimmeridge Flow Test Update:

Following last Monday’s shut-in, necessary to ensure safe rig assembly, test production from the HH-1 Kimmeridge oil pool was restarted on Saturday at initial half hourly rates of between 302-473 bopd. Kimmeridge test production is planned to continue throughout the drilling campaign.

Further drilling and testing updates will be issued in due course.

Qualified Person’s Statement

Matt Cartwright, UKOG’s Commercial Director, who has over 36 years of relevant experience in the global oil industry, has approved the information contained in this announcement. Mr Cartwright is a Chartered Engineer and member of the Society of Petroleum Engineers.

 

 

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