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UK Oil & Gas PLC - Horse Hill-1 Portland intervention commences

RNS Number : 8052A
UK Oil & Gas PLC
01 October 2020
 

UK Oil & Gas PLC

("UKOG" or the "Company")

 

Horse Hill oil field update: Horse Hill-1 Portland intervention commences

 

UK Oil & Gas PLC (London AIM: UKOG) is pleased to announce that following this morning's arrival of a small workover rig, planned routine intervention operations at its 85.635% owned Horse Hill-1 well have now commenced.  The short intervention seeks to further optimise oil flow via reperforating the full Portland oil producing section, insertion of a new simplified production tubing string and by setting the downhole pump at a deeper level to increase pumping efficiency.

Further updates will be issued in due course following completion of the intervention.

The Horse Hill Portland and Kimmeridge oil field is operated by UKOG's subsidiary company Horse Hill  Developments Ltd ("HHDL"), in which UKOG has a direct 77.9% interest. HHDL has a 65% interest in the field and surrounding PEDL137 and PEDL246 licences, with the remaining 35% interest held by UKOG's wholly owned subsidiary, UKOG (137/246) Ltd.

 

Qualified Person's Statement

 

Matt Cartwright, UKOG's Commercial Director, who has 37 years of relevant experience in the global oil industry, has approved the information contained in this announcement. Mr Cartwright is a Chartered Engineer and member of the Society of Petroleum Engineers.

 

Stephen Sanderson UKOG's Chief Executive commented:

 

"We look forward to safe, swift and successful operations and to the resumption of stable oil production at Horse Hill as soon as possible."

 

For further information, please contact:

 

UK Oil & Gas PLC

 

Stephen Sanderson / Kiran Morzaria

 

Tel: 01483 941493

WH Ireland Ltd (Nominated Adviser and Broker)

 

James JoyceJames Sinclair-Ford

 

Tel: 020 7220 1666

Novum Securities (Joint Broker)

 

John Belliss

 

Tel: 020 7399 9400

Communications

 

Brian Alexander

Tel: 01483 941493

 

 

Glossary

 

oil field

an accumulation, pool or group of pools of oil in the subsurface that produces oil to surface

 

 

The information contained within this announcement is deemed by the Company to constitute inside information under the Market Abuse Regulation (EU) No. 596/2014

 

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