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LONDON (Alliance News) - UK onshore oil and gas company Angus Energy PLC said on Tuesday it has completed its geochemical analysis of oil produced from the Kimmeridge Layers in the Lidsey-X1 well near Bognor Regis, southern England.
The multiples samples tested revealed a composites of oil from the Oxfordian and Kimmeridge layers displaying a mixed range of source maturities, with the lowest quality crude in the range possessing light 38.5 degree API oil.
"We will continue to gather more data as we assess the commercial viability of the Kimmeridge across the Weald basin. This includes the highly anticipated basin wide study due in the next month. Demonstrating we have movable oil in the Kimmeridge at Lidsey is an important metric and, we believe, further de-risks our assets at Brockham, Balcombe and Holmwood," said Managing Director Paul Vonk.
Shares in Angus Energy were up 7.7% at 7.00 pence on Tuesday.