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(Alliance News) - UK Oil & Gas PLC said Monday its 86%-owned Horse Hill-2z Portland horizontal well has successfully delivered two thirds of the planned horizontal section, and is expected to be completed by mid-November.
The company said Horse Hill-2z well was successfully drilled 2,016 feet wholly within the reservoir's most productive zone or "sweet spot".
Following the fitting of a new rig engine, expected to be completed over the coming days, the remaining 1,200 feet of planned 3,200 feet horizontal section within the "sweet spot" will be drilled.
UK Oil & Gas also said that drilling data indicates that sections of possible increased reservoir quality over that seen in HH1 and HH2 have been encountered within the sweet spot.
A further comprehensive electric logging and extended well test will clarify these potential outcomes, the company noted.
Stephen Sanderson, chief executive, said: "We have successfully delivered around two thirds of the planned horizontal section within the Portland reservoir's sweet-spot, a 35 ft zone containing the most productive, porous and permeable sandstones."
Alba Mineral Resources PLC, which owns 12% interest in the Horse Hill licences, said the company is "delighted" to hear about the progress.
George Frangeskides, executive chairman of Alba, said: "Our stake in Horse Hill is one of a quartet of key assets within our portfolio. Each of these assets is very well-placed as we move into 2020."
UK Oil & Gas shares were down 2.7% in London at 1.12 pence each on Monday. Alba Mineral Resources shares were untraded at 0.18p each.
By Loreta Juodagalvyte; loretajuodagalvyte@alliancenews.com
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