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UK Oil & Gas announces significant onshore oil-in-place in South of England

UK Oil & Gas Investments PLC (UKOG) announced that analysis by US-based NUTECH Ltd of the results from its Horse Hill-1 (HH-1) well in the Weald Basin onshore in the South of England suggests that the area has a total oil in place (OIP) of 158 million barrels (MMBO) per square mile, excluding a previously reported Upper Portland Sandstone oil discovery. The Horse Hill licences cover 55 square miles of the Weald Basin in southern England in which the UKOG has a 20.36% interest.

The HH-1 site, currently used for grazing and hay-making, lies 2 km east of Horley, 3 km north of Gatwick Airport and 400 meters away from the nearest properties, according to Horse Hill Developments Ltd.

The 158 MMBO per square mile OIP correlates to an aggregate pay section of 653 feet, primarily from the limestones and mudstones of the Kimmeridge, and the mudstones of the Oxford and Lias sections.

In its report, NUTECH observes that from a geological, reservoir engineering and possible future operational perspective, the reservoirs encountered in the HH-1 are analogous to the Middle Bakken limestone of the Williston Basin in the US. Further analogues are represented by the interbedded tight clastic reservoirs and source rocks of the Three Forks Formation, the US Permian Basin (Bone Springs, Wolfcamp, Clearfork, Spraberry, and Dean Formations), and possibly the age equivalent Upper Jurassic Bazhenov Formation of Russia’s Western Siberian basin.

  • Bakken wells analyzed by NUTECH show a contacted OIP of between 10-20 MMBO per square mile, from a formation thickness of 40-150 feet, containing one hybrid carbonate reservoir to mudstone source-rock pairing. The Kimmeridge in HH-1 now shows three carbonate reservoir-mudstone source-rock pairings. Recoveries per well to date from the Bakken range from 8-15% in identified sweet spots.

  • NUTECH’s analyses of the Wolfcamp/Bone Springs shows a contacted OIP range of between 60-160 MMBO per sq. mile in a 300-400 feet thick section and exhibits recovery factors of 1-10%.

From its proprietary regional well log analyses, NUTECH considers that the HH-1 OIP extends significantly beyond the 55 square miles of the licenses with strong evidence that the eastern section of the Weald Basin contains considerably larger oil potential than has been previously estimated and published. This regional potential is the subject of ongoing analysis under NUTECH’s contracted alliance with UK Oil & Gas Investments PLC and Solo Oil Plc.

Comments

HarveyD

This is good (financial) news for UK.

Will the extraction of another 40 B/barrels increase GHG and climate change over acceptable levels, specially with another 10 to 50 other similar findings?

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