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(Alliance News) - UK Oil & Gas PLC said Monday it has successfully completed the first phase of the open hole extended well test and associated well clean-up at its Horse Hill-2z horizontal well in the Weald Basin of Surrey, southern England.
UK Oil & Gas owns an 86% interest in the Horse Hill PEDL 137 and PEDL 246 licenses, with Alba Mineral Resources PLC holding a further 12% interest.
During the initial clean-up phase, Horse Hill-2z achieved initial rates of up to 1,087 barrels of fluids per day and oil cuts of up to 60%, demonstrating the horizontal well's ability to flow at rates significantly greater than the Horse Hill-1 vertical well, the company said.
Produced oil, brought to surface via an electronic submersible pump, has been exported to Perenco's Hamble oil terminal for onward sale at market price, the company noted.
UK Oil & Gas said that the well is currently shut-in for a scheduled long-duration pressure build-up test, during which time preparations will be finalised for a series of planned interventions to further optimize flow rates from the Portland reservoir's sweet-spot.
The interventions of the well are planned to start in the new year following completion of the ongoing build-up test, the company noted.
Chief Executive Officer Stephen Sanderson said: "Although it's still early days in the EWT campaign, we are very encouraged by the magnitude of the initial flow rates."
"These confirm that Horse Hill-2z's horizontal trajectory can deliver flow rates from the Portland sweet-spot that significantly exceed those delivered by the Horse Hill-1 vertical discovery well," Sanderson said.
UK Oil & Gas Shares were down 1.2% in London at 0.91 pence each on Monday, while Alba Minerals shares were down 4.6% at 0.16p.
By Loreta Juodagalvyte; loretajuodagalvyte@alliancenews.com
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