UK Oil & Gas Regulatory News (UKOG)

UK Oil & Gas PLC

("UKOG" or the "Company")

Significant Horndean Production Increase

UK Oil & Gas PLC (London AIM: UKOG) is pleased to announce that a workover campaign, culminating in the deeper seating of a downhole pump in Q4 2024, has achieved a significant increase in the Horndean field's production and resultant revenues (UKOG 10% interest). The results and improved 2025 budget forecasts are summarised below:

· January 2025 full field production averaged 200 barrels of oil per day ("bopd"), 60% higher than the 125 bopd achieved in January 2024.

· Based upon the improved post-workover performance, the operator, Star Energy, now forecasts 2025 annual field production to be 61,195 barrels ("bbl") compared to 49,402 bbl produced in 2024, a material 24% increase if achieved. The forecast assumes an average daily rate of 168 bopd.

· As January 2025's 200 bopd average is already 19% above the 168 bopd 2025 annual field production forecast, further potential exists for increased 2025 production over the forecast.

· 2024 total field production also outperformed the budget forecast by 11%, achieving 49,402 bbl versus the forecast of 44,379 bbl.

· The recent workovers, combined with the prior installation of new electric pumps in 2023, have further increased the trend of improved field performance and low decline seen in 2023's production figures, which showed a 22% increase in daily production versus 2022 (see RNS 28th June 2024).

Stephen Sanderson UKOG's Chief Executive commented:

"We are delighted with the clear success of the workover programme and the materially increased production rates obtained. Horndean's production rate, decline and revenues continue to exceed expectations, further underscoring its value to our portfolio."

For further information, please contact:

UK Oil & Gas Plc

Stephen Sanderson / Kris Bone Tel: 01483 941493

Zeus (Nominated Adviser and Broker)

James Joyce / James Bavister / Andrew de Andrade Tel: 0203 829 5000

CMC Markets (Joint Broker)

Douglas Crippen Tel: 0203 003 8632

Communications

Brian Alexander Tel: 01483 941493  

The information contained within this announcement is deemed by the Company to constitute inside information under the Market Abuse Regulation (EU) No. 596/2014, as it forms part of UK domestic law by virtue of the European Union (Withdrawal) Act 2018. Upon publication of this announcement, this information is now considered to be in the public domain.