UK Oil & Gas PLC (LON:UKOG) Horse Hill-1 – 50,000 Barrels of Oil Production

Stephen Sanderson, UKOG’s Chief Executive, commented: The Horse Hill Portland continues to produce strongly and consistently under modest pressure draw downs, delivering over half of the landmark 50,871 bbl test production to date.

With the much awaited simultaneous HH-2/2z Portland horizontal drilling and HH-1 Kimmeridge test campaign fast approaching, the remainder of the year at Horse Hill now promises to be truly exciting and potentially transformational for both Horse Hill and UKOG.”

 

 

UK Oil & Gas PLC (London AIM: UKOG) is pleased to announce that, as at close of business on Friday 7th June, total aggregate Portland and Kimmeridge test oil production from the Horse Hill oil field, in which the Company has a 50.635% majority interest, reached a significant landmark of 50,000 barrels (“bbl”) of light, sweet, dry oil. Total aggregate test production now stands at 50,871 bbl.

Horse Hill-1 continues to produce Portland oil at a stable rate of over 220 barrels of oil per day (“bopd”) via a modest pressure draw down. The Portland has now delivered an aggregate total of 25,777 bbl to date, exceeding the 25,094 bbl produced from the deeper Kimmeridge. During the test, no formation water has been produced from either the Portland or Kimmeridge reservoirs.

Portland test production is now planned to continue until the second half of June when final site preparations for simultaneous HH-2/2z Portland drilling and HH-1 Kimmeridge production operations will commence. To facilitate both safe drilling and coring of HH-2/2z through the Portland, to provide continued oil sales revenues and further valuable test data prior to drilling HH-1z, preparations will include switching test production to the deeper Kimmeridge oil pool. Further necessary logistic and administrative arrangements for the arrival of the drilling rig and associated services are scheduled to be finalised this week.

The Horse Hill oil field and surrounding highly prospective PEDL137 and PEDL246 licences are operated by UKOG’s subsidiary company Horse Hill Developments Ltd, in which UKOG holds a 77.9% direct interest.

 

Horse Hill 2018-19 EWT Oil Production Milestones:

· 50,871 bbl aggregate Kimmeridge and Portland oil production

· 25,777 bbl total Portland production

· 25,094 bbl total Kimmeridge oil production

· No discernible formation water produced from either reservoir

· Stable Portland test production continues to prove more oil in the ground

 


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