UK Oil & Gas Investments PLC signed agreements with Celtique Energie and Magellan Petroleum to acquire 100% ownership of the 300 sq km (116 sq miles) Weald Basin licence PEDL234 in June 2016.
The acquisitions more than double the Company’s net acreage holdings in the prime Kimmeridge Limestone oil province, as proven by the Horse Hill-1 (“HH-1”) oil discovery.
The Licence includes regulatory permission to drill the Kimmeridge at the Broadford Bridge-1 (“BB-1”) site. Furthermore, the licence contains a further mapped gas appraisal opportunity, in the eastern extension of the Godley Bridge Portland gas discovery.
The Licence is situated to the south west of UKOG’s main Kimmeridge oil interests in Horse Hill (PEDL137, PEDL246) and Holmwood (PEDL143) and straddles the centre of the Weald Basin.
Previous analyses by Nutech and the Company, of wells and seismic within and immediately surrounding the Licence, strongly suggest that the Licence presents look-alike Kimmeridge Limestone oil potential to that seen at Horse Hill. The BB-1 structure is very similar in UKOG’s view to both the HH-1 oil discovery and the nearby Balcombe-1 oil discovery, following the same overall structural trends.
Regulatory permissions to drill BB-1 are in place from West Sussex County Council (“WSCC”) and the Environment Agency (“EA”). The BB-1 well pad has already been constructed, the Company will secure the necessary remaining consents for drilling and testing operations from the Health and Safety Executive and OGA and will drill and test the Kimmeridge Limestones at BB-1 in 2017. Furthermore, the Company will apply to the WSCC and EA for permission to drill an appraisal of the Godley Bridge Portland gas accumulation within the Licence and also test the Kimmeridge Limestones at that location.
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