(Alliance News) - UK Oil & Gas PLC said Tuesday coring at its majority-owned Horse Hill project had been completed ahead of drilling the site, news that was welcomed by smaller stakeholder Alba Mineral Resources PLC.
UK Oil & Gas said conventional coring at the Horse Hill oil discovery in the Weald Basin of the UK was not completed in its Portland pilot well.
Preliminary visual analysis of the 240 foot core has "clearly" dientified the most productive zone in which the firm plans to target its planned 1,000 metre HH-2z horizontal trajectory drilling, which is expected to start next week.
The core is now with a laboratory where a more extensive geological and petrophysical analysis will take place.
"The HH-2 coring programme has delivered its key short-term goal of defining the Portland reservoir's sweet-spot, the most porous and permeable vertical zone within the oil pool," UK Oil & Gas Chief Executive Officer Stephen Sanderson said.
"We can now confidently proceed ahead to drill the HH-2 horizontal trajectory wholly within the most oil productive part of the Portland, the zone capable of delivering the significant flow rates we seek", Sanderson added.
UK Oil & Gas holds an 86% stake in Horse Hill, with Alba holding a further 12% stake.
Alba Executive Chair George Frangeskides added: "It is good to hear that the coring programme has been successfully completed and that this has assisted in the identification of the Portland Sandstone's sweet spot. This should certainly now enhance the prospects for the forthcoming drilling of the HH-2z horizontal section."
Shares in UK Oil & Gas were 5.7% higher at 1.11 pence in London on Tuesday, while Alba was up 5.1% at 0.19 pence.
By Ahren Lester; ahrenlester@alliancenews.com
Copyright 2019 Alliance News Limited. All Rights Reserved.
Alba Mineral Resources (ALBA)
Uk Oil & Gas (UKOG)