REG - UK Oil & Gas PLC - Update - Holmwood Licence (PEDL 143)

UK Oil & GasAnnouncement

04/09/2018 11:25

RNS Number : 7240Z
UK Oil & Gas PLC
04 September 2018
 


UK Oil & Gas PLC
("UKOG" or the "Company")
 
Update on Holmwood Licence (PEDL 143), Weald Basin, UK
UK Oil & Gas PLC (London AIM: UKOG) notes the following announcement made today by Europa Oil and Gas (Holdings) plc on behalf of the operator of the Holmwood Licence PEDL143, of which UKOG holds 40% interest:
"Europa Oil & Gas (Holdings) plc, the UK and Ireland focused oil and gas exploration, development and production company, announces that it has been notified by the Head of Estates at the Forestry Commission that the Minister for the Environment, Food and Rural Affairs, has decided not to renew the lease at Bury Hill Wood, Coldharbour Lane, Surrey.  Bury Hill Wood is the proposed site for a temporary exploration well to test the conventional Holmwood prospect on licence PEDL 143 in the Weald Basin, Surrey. The lease expires on 12th September 2018.
Following the Minister's decision, the Company, on behalf of its partners, will be withdrawing its planning application to drill the Holmwood prospect from the Bury Hill Wood site.
PEDL 143 has recently been extended until 30th September 2020, and in addition to the established Portland sandstone reservoir, contains the Kimmeridge Limestone which, following success at the nearby Horse Hill discovery, is an emerging play in the Weald Basin.  The Company, with its partners, intends to undertake a full evaluation of alternative sites from which to target the Holmwood prospect, and other plays in the licence." 
The full announcement from Europa Oil & Gas (Holdings) plc can be seen at: https://www.londonstockexchange.com/exchange/news/market-news/market-news-detail/EOG/13777413.html
Stephen Sanderson, UKOG's Chief Executive, commented:
 
"The decision by the Minister for the Environment, Food and Rural Affairs, is disappointing, but not altogether surprising. As the Leith Hill Site was less than ideal, we now welcome the opportunity to plot a new way forwards to drill both the Holmwood prospect and other nearby prospective Kimmeridge targets in the near future."
 
For further information, please contact:
 
UK Oil & Gas PLC
Stephen Sanderson / Kiran Morzaria                                                      Tel: 01483 243450
 
WH Ireland (Nominated Adviser and Broker)
James Joyce / James Sinclair-Ford                                                           Tel: 020 7220 1666
 
Cenkos Securities PLC (Joint Broker)
Joe Nally / Neil McDonald                                                                         Tel: 0207 397 8919
 
Public Relations
Brian Alexander / David Bick                                                                    Tel: 01483 243450
 
 
UKOG Licence Interests
 
The Company has interests in the following UK licences:
 



Asset


Licence


UKOG Interest


Licence Holder


Operator


Area (km2)


Status




Avington 1


PEDL070


5%


UKOG (GB) Limited


IGas Energy Plc


18.3


Field currently shut in




Broadford Bridge 2, 3


PEDL234


100%


UKOG (234) Ltd 4


UKOG (234) Ltd 4


300.0


BB-1 & 1z oil discovery, planning applications submitted




Holmwood 3


PEDL143


40%


UKOG


Europa Oil & Gas (Holdings) plc


91.8


Holmwood-1 exploration well planned in 2018




Horndean 1


PL211


10%


UKOG (GB) Limited


IGas Energy Plc


27.3


Field in stable production




Horse Hill 5


PEDL137


46.735%


Horse Hill Developments Ltd ⁶


Horse Hill Developments Ltd ⁶


99.3


Production tests ongoing, further appraisal well(s) scheduled for 2018/19




Horse Hill 5


PEDL246


46.735%


Horse Hill Developments Ltd ⁶


Horse Hill Developments Ltd ⁶


43.6


As above




Isle of Wight 2, 3


PEDL331


65%


UKOG


UKOG


200.0


Preparing planning submission for Arreton-3 oil discovery appraisal well




Markwells Wood 2


PEDL126


100%


UKOG (GB) Limited


UKOG (GB) Limited


11.2


Revised drilling and testing planning application underway



               
Notes:
 
1.   Oil field currently in production.
2.   Oil discovery pending development and/or appraisal drilling.
3.   Exploration asset with drillable prospects and leads. PEDL234 contains the Broadford Bridge-1 and 1z

discovery well, the extension of the Godley Bridge Portland gas discovery plus further exploration

prospects.
4.   UKOG has a 100% interest in UKOG (234) Ltd, which has a 100% interest in PEDL234.
5.   Oil discovery with successful flow test in 3 zones, further long-term testing scheduled in 2018.
6.   UKOG has a direct 71.9% interest in HHDL, which has a 65% interest in PEDL137 and PEDL246.




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