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UK Oil & Gas PLC - oil and gas exploration company focused on the UK - Announces its Turkish subsidiary UK Oil & Gas Turkey Ltd, has obtained government consent for the 50% acquisition of the Turkish Basur-Resan exploration licence. The other 50% is owned by US oil & gas exploration firm Aladdin Middle East Ltd. Basur-Resan oil discovery contains an estimated recoverable oil volume of 37 million barrels.
Additionally, UK Oil & Gas announces its 86% owned Horse Hill oil field has produced and exported over 132,000 barrels to date from its Kimmeridge and Portland oil pools. This follows an intervention to reperforate the full Portland oil producing section in November and an ongoing series of multi-week production optimisation trials.
Horse Hill oil field is located on the northern side of the Weald Basin near Gatwick Airport.
Two more production infill wells, one in each of the Portland and Kimmeridge oil pools, are being planned, the company added.
Horse Hill Developments Ltd, a subsidiary of UK Oil & Gas, in which UK Oil & Gas has a direct 78% interest, is the operator of the oil field.
Alba Mineral Resources PLC, a mineral exploration and development company with projects in Greenland, Wales, and Ireland, noted in a separate announcement the progress at Horse Hill oil field. Alba holds an 18% interest in Horse Hill Developments.
Current stock price: UK Oil & Gas 0.14 pence; Alba 0.41p
Year-to-date change: UK Oil & Gas up 3.5%; Alba down 25%
By Greg Roxburgh; gregroxburgh@alliancenews.com
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