Reminder..18 Jul 2018 14:12
UK Oil & Gas Investments PLC (London AIM and ISDX: UKOG) announces that Horse Hill Developments Ltd has informed the Company that the final Horse Hill 1 ('HH-1') Portland test flowed at a stable dry oil rate of 323 barrels of oil per day ('bopd'), double the previously reported rate. The final total aggregate stable dry oil flow rate from two Kimmeridge limestones plus the overlying Portland sandstone stands at 1688 bopd. Over the 30-90 hour flow periods from each of the 3 zones, no clear indication of any reservoir pressure depletion was observed. Further analysis of data is ongoing and will be reported shortly.
Way Forward
Given these exceptional results, the Company has commissioned Nutech to investigate a possible upgrade to the oil in place ("OIP") calculated within all 3 test zones together with engineering studies to examine possible flow rates from a horizontal well. Reservoir engineering analyses by Nutech and Xodus are also underway, and will likely result in an estimation of potential recoverable volumes. Results of these studies will be reported shortly.