Significant upgrade of the Horse Hill discovery

UK Oil & Gas Investments PLC has announced that US-based Nutech Ltd estimate that the Horse Hill-1 well in the Weald Basin has a total oil in place of 158 million bbls per square mile, excluding the previously reported Upper Portland Sandstone oil discovery.

The Horse Hill licences cover 55 square miles of the Weald Basin in southern England in which the company has a 20.36% interest.

Nutech's report to the Company states this OIP lies within a 653 feet aggregate net pay section, primarily within three argillaceous limestones and interbedded mudstones of the Kimmeridge, and the mudstones of the Oxford and Lias sections. Approximately 72% of OIP, or 114 MMBO, lies within the Upper Jurassic Kimmeridge interbedded limestone and mudstone sequence.

Stephen Sanderson, UKOG's CEO, commented:

"Drilling the deepest well in the basin in 30 years, together with the ability to use concepts, techniques and technology unavailable in the 1980s, has provided new cutting-edge data and interpretations to comprehensively change the understanding of the area's potential oil resources."

"As a result, we believe that, in addition to the Portland Sandstone oil discovery, the Horse Hill well has discovered a possible world class potential resource in what is interpreted to be a new Upper Jurassic "hybrid play".

"With the help of Nutech's considerable global knowledge base and play library, we have identified that the Horse Hill Upper Jurassic rock sequence is analogous to known oil productive hybrid reservoir sections of the Bakken of the US Williston Basin, the Wolfcamp, Bone Springs, Clearfork, Spraberry, and Dean Formations in the US Permian Basin and the Bazhenov Formation of West Siberia."

"The US analogues have estimated recovery factors of between 3% and 15% of Oil in Place."

"The company considers that the high pay thickness, combined with interpreted naturally fractured limestone reservoir with measurable matrix permeability, gives strong encouragement that these reservoirs can be successfully produced using conventional horizontal drilling and completion techniques."

"Nutech's results combined with our extensive geochemical analyses strongly indicates that the company's Horse Hill licences lie within the likely sweet spot of the identified "Weald hybrid play"."

"Appraisal drilling and well testing will be required to prove its commerciality, but this "Weald hybrid play" has the potential for significant daily oil production."

"The operator, Horse Hill Developments Ltd, with the assistance of Nutech, is now focussed on flow testing the Portland Sandstone and Kimmeridge Limestone sections of the well, to establish producibility and thereby seeking to quantify an overall net discovered resource".

Adapted from press release by Joseph Green

Published on 09/04/2015

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