UK Oil & Gas Investments PLC LON:UKOG has this morning announced that US-based Nutech Ltd, estimate that the Horse Hill-1 (“HH-1”) well located in the Weald Basin has 158 million barrels total oil in place per square mile, excluding the previously reported Upper Portland Sandstone oil discovery. UK Oil & Gas Investments PLC has a 20.36% interest within The Horse Hill licences that cover 55 square miles of the Weald Basin in southern England.
Nutech’s report to the Company states this oil in place lies within a 653 feet aggregate net pay section, primarily within three argillaceous limestones and interbedded mudstones of the Kimmeridge, and the mudstones of the Oxford and Lias sections. Approximately 72% of OIP, or 114 MMBO, lies within the Upper Jurassic Kimmeridge interbedded limestone and mudstone sequence.
Estimates still need to be established of total oil in place within the licence area, the semi-regional resource potential of the Weald Basin’s eastern footprint is the subject of ongoing analysis under the contracted alliance between Nutech, UK Oil & Gas Investments PLC LON:UKOG and Solo Oil Plc LON:SOLO. The results of the estimated OIP within the licence will be reported when completed.
Final assessments of the Upper Portland Sandstone and the Oxford and Lias sections are in progress, with further results expected shortly.
UK Oil & Gas Investments PLC CEO, Stephen Sanderson, commented:
“Drilling the deepest well in the basin in 30 years, together with the ability to use concepts, techniques and technology unavailable in the 1980s, has provided new cutting-edge data and interpretations to comprehensively change the understanding of the area’s potential oil resources.”