Licence number: Offshore P1916
UKOG interest: 100%

Licence number: Onshore 14th Round  
UKOG interest: UKOG 65%

UKOG is the operator and holds a 100% interest in offshore licence P1916, containing the undrilled M Prospect, through its fully-owned subsidiary, UKOG Solent Limited.

UKOG also has been offered by the Oil and Gas Authority (“OGA”) the UK onshore 14th Licensing Round (14th Round) for 200 km2 of adjacent onshore Isle of Wight acreage. The Licence contains the onshore Arreton undeveloped oil discovery.

Both P1916 and the onshore acreage contain other leads and prospects. In addition, UKOG believes there is a “missed oil pay opportunity” in the onshore acreage: a previously drilled “unrecognised” conventional oil discovery that potentially presents an opportunity for near term development and production.

Wells, Prospects and Leads Offshore and Onshore Isle of Wight


Source: UKOG/DECC/ESRI

UKOG has estimated unrisked gross STOIIP for the M Prospect. Probabilities of success have also been estimated. Two alternatives are shown, for the Triassic being either oil or gas charged.

UKOG’s Calculated M Prospect Portland and Triassic Oil Case, Unrisked, Gross STOIIP, MMbbl

 

Reservoir Objective

Low
(P90) OIIP MMbbl

Most Likely (P50) OIIP MMbbl

High
(P10) OIIP MMbbl

Probability of Success
(“POS”)

Total

P1916

Total

P1916

Total

P1916

%

Portland Limestone

17.6*

15.7*

40*

35.3*

80*

70.2*

35%*

Triassic Sherwood Sst

21.9*

21.7*

76.5*

71.3*

205**

169**

11**-20*%

* 4-way dip closure
** Dependent upon a combination of 4-way dip closure plus downthrown fault seal

UKOG’s Calculated M Prospect Triassic Gas Case, Unrisked, Gross GIIP, bcf

 

Reservoir Objective

Low
(P90) GIIP
bcf

Most Likely (P50) GIIP
bcf

High
(P10) GIIP
bcf

Probability of Success
(“POS”)

Total

P1916

Total

P1916

Total

P1916

%

Triassic Sherwood Sst

57.3*

56.8*

197*

184*

520*

426*

11**-20*%

* 4-way dip closure
** Dependent upon a combination of 4-way dip closure plus downthrown fault seal
UKOG has a net attributable interest of 77.5% in P1916

UKOG commissioned Xodus Group to provide an independent evaluation of the OIP and recoverable resources for the Arreton discovery (UKOG 65%). Xodus concluded that the Arreton-2 undeveloped oil discovery (Arreton Main), and the adjacent low-risk Arreton North and South Prospects (Arreton Prospects) contain an aggregate gross P50 OIP of 219 MMbbl, within Purbeck, Portland and Inferior Oolite limestone reservoirs. 

Xodus calculated that Arreton Main contains net P50 contingent resources of 10.2 MMbbl, The Arreton Prospects are calculated to contain net P50 prospective resources of6.8 MMbbl, solely within the Portland reservoir unit. 

More information on the Xodus independent evaluation can be found here

Gross STOIIP (MMbbl) Low2 Best High Mean
Arreton Main Portland 6.8 21.3 61.6 29.3
Arreton Main Purbeck 4.7 9.2 19.6 11.2
Arreton Main Inferior Oolite 52 87.5 137 91.7
Arreton North Portland 3.7 22 59.9 27.6
Arreton South Portland 14.2 55.2 138 67.4
Total STOIIP3 144 219 322 227
Oil Contingent Resources
(MMbbl)
Gross Oil Contingent Resources Oil Contingent Resources
Net to UKOG
Commercial
Risk Factor
  1C 2C 3C 1C 2C 3C (%)6
Arreton Main Portland 0.8 2.6 7.8 0.5 1.7 5.0 50%
Arreton Main Purbeck 0.6 1.1 2.5 0.4 0.7 1.6 50%
Arreton Main Inferior Oolite 6.2 10.8 17.6 4.0 7.0 11.4 50%
Total Contingent Resources 9.9 15.7 24.1 6.4 10.2 15.7  
Oil Contingent Resources
(MMbbl)
Gross Oil Prospective Resources Oil Prospective Resources
Net to UKOG
Commercial
Risk Factor
  Low Best High Low Best High COS (%)
Arreton North Portland 0.5 2.7 7.6 0.3 1.8 4.9 69%
Arreton South Portland 1.7 6.8 17.4 1.1 4.4 11.3 73%
Total Prospective Resources 4.0 10.5 21.6 2.6 6.8 14.0