LONDON (Alliance News) - Doriemus PLC And UK Oil & Gas Investments PLC Wednesday said production has more than tripled at the Lidsey Oil Field in southern England after a successful recompletion programme at its Lidsey-1 well on site.
The two UK-focused oil and gas exploration and production companies said that production from the site has increased to a current rate of 113 barrels of oil per day, from 36 barrels of oil per day in May.
The companies said that during the recompletion work, site operator Angus Energy Ltd hit an 80-foot section of the Greater Oolite reservoir from 3,271 feet in depth, which included a 19 foot space of new reservoir.
The Lidsey-1 well was then put back to pump at half speed, realising an initial restricted average rate of 47 barrels of oil per day before being increased to the higher production rate.
"This is an excellent result for Lidsey. Each phase of well workovers on the Lidsey-1 well has been successful since the workover programmes started on the field at the end of last year. UKOG looks forward to the drilling of the proposed new Lidsey-2 well later this year, which is designed to access the crest of the Greater Oolite reservoir and the majority of Lidsey's Oil in-Place," UK Oil & Gas Investments' Chairman David Lenigas said in a statement.
In March, the two companies announced that a competent persons report had shown a P50 best case oil in-place estimate at Lidsey of 9.5 million stock tank barrels with 2P reserves of 36.0 million stock tank barrels and 2C contingent resources of 413.6 million stock tank barrels.
Both companies said at the time that a new reserve and resource report will be commissioned following the drilling of the Lidsey-2 well, and they expect a significant increase in production from the field following the drilling.
The Lidsey field has a fully permitted and operating 2,000-barrel storage facility and its oil is regularly trucked and sold to the nearby Perenco Oil Refinery.
Doriemus shares were down 20% to 0.165 pence, while UKOG shares were down 16% to 1.05 pence on Wednesday.
By Tom McIvor; tommcivor@alliancenews.com; @TomMcIvor1
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