UKOG are a participant in the ongoing drill at Horse Hill in the Weald Basin. They have an effective 13.44% participation in this drill through a direct shareholding of 20% in Horse Hill Developments Limited and 6% in Angus Energy.

The prospect has a mean 87MMSTB recoverable and 456BCF. So 11MMSTB and 61BCF net to UKOG.

Back in the day ESSO drilled a well on the structure that did have oil and gas shows but modern mapping suggests they drilled the well the wrong side of a fault.

Drilling to date has yielded hydrocarbon shows and indications in multiple zones and the logs taken are currently being analysed.

Also the depth of the third casing point was deepened from the previously announced 5,900 feet to 6,612 feet MD due to a number of reservoir targets being identified slightly deeper and thicker than expected.

The well is now also going to be deepened further to try and examine the Triassic.

Interpretation of the logs is going to be reported either later this week or early next.

Pre drill COS was put at 20%, given the updates to date it's firmly my view that this has now increased to at least 50%.

Therefore I believe this is worth a punt and have therefore taken a small position.

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