Shares in UK Oil & Gas Investments Plc LON:UKOG, Solo Oil plc LON:SOLO, Stellar Resources Plc LON:STG, Alba Mineral Resources Plc LON:ALBA, Doriemus Plc LON:DOR and Evocutis plc LON:EVO will all resume trading again this morning (Fri 05/05/15) after news of a further Independent Assessment of Horse Hill-1 Well was released.
UK Oil & Gas Investments PLC LON:UKOG announced that Schlumberger, one of the leading suppliers of technology, integrated project management and information solutions to customers working in the global oil and gas industry, has independently assessed the petrophysics of Horse Hill-1 well (“HH-1”), located in PEDL137 in the Weald basin near to London Gatwick Airport. UKOG (the Company) has a net attributable interest of 20.358% in PEDL137.
The report, entitled Petrophysical Evaluation of the Horse Hill-1 Well, estimates an overall Oil in Place (“OIP”) for the Jurassic section of the well to be 271.4 million barrels of oil (“MMBO”) per square mile. The total OIP comprises 16.2 MMBO per square mile for the conventional Upper Portland Sand reservoir discovery and 255.2 MMBO per square mile solely for the tight limestone and mudstone plays of the Kimmeridge, Oxford Clay and Lias. The OIP hydrocarbon volumes estimated should not be construed as recoverable resources or reserves.
UK Oil and Gas Investments LON:UKOG CEO Stephen Sanderson, said: “This independent technical viewpoint adds further weight to the potential significance of the HH-1 well and the potential of the Horse Hill licences.”
UKOG’s interest in Horse Hill:
UKOG owns a 30% direct interest in Horse Hill Developments Ltd (“HHDL”) and a 1.32% interest in HHDL via its 6% interest in Angus Energy Limited. H
Stellar Resources’ interest in Horse Hill:
The Horse Hill-1 well is located within onshore exploration License PEDL137, on the northern side of the Weald Basin near Gatwick Airport. Stellar Resources owns a 10% direct interest in Horse Hill Developments Ltd.
Alba Mining Resources interest in Horse Hill:
ALBA owns a 10% direct interest in Horse Hill Developments Ltd (“HHDL”).
Evocutis’ interest in Horse Hill
The Horse Hill-1 well is located within onshore exploration License PEDL137, on the northern side of the Weald Basin near Gatwick Airport. Evocutis owns a 2% direct interest in Horse Hill Developments Ltd.
Doriemus’ interest in Horse Hill:
The Horse Hill-1 well is located within onshore exploration License PEDL137, on the northern side of the Weald Basin near Gatwick Airport. Doriemus owns a 10% direct interest in Horse Hill Developments Ltd.
HDL is a special purpose company that owns 65% participating interests and is the operator of licence PEDL137 and the adjacent licence PEDL246 in the UK Weald Basin. The remaining 35% participating interests in the PEDL137 and PEDL246 licenses are held by Magellan Petroleum Corporation.
Solo Oil’s interest in Horse Hill:
Solo owns a 10 percent interest in Horse Hill Developments Ltd (“HHDL”)
The full report can be found here: hh1_ukog_petrophysical_evaluation_exec_summary_report_4th_june_2015_final
Qualified Person’s Statement: Stephen Sanderson, UKOG’s CEO, who has over 30 years of relevant experience in the oil industry, has approved the information contained in this announcement. Mr Sanderson is a Fellow of the Geological Society of London and is an active member of the American Association of Petroleum Geologists.
Schlumberger is acting exclusively for UKOG and for no one else in connection with the subject matter of this announcement and will not be responsible to anyone other than UKOG in connection therewith. No person or company other than UKOG may directly or indirectly rely upon the contents of its report. Schlumberger is acting in an advisory capacity only and, to the fullest extent permitted by law, disclaims all liability for actions or losses derived from any actual or purported reliance on its report (or any other statements or opinions of Schlumberger) by any person or entity other than UKOG.
Restoration of trading
Restoration of trading in the Company’s shares is scheduled for today, 5 June 2015