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UK Oil & Gas Investments PLC
22:00 11 Jul 2017
UKOG's Broadford Bridge well results are
"exceedingly positive" - broker
Price:
3.15p
Market Cap:
£107.89M
1 Year Share Price Graph
Stockbroker WH Ireland has described the findings of UK Oil & Gas
Investments PLC's (LON:UKOG) Broadford Bridge well as "exceedingly
positive".
UKOG, on Monday afternoon, told investors that a very large continuous oil
deposit, totalling 1,490 feet, has now been measured in the Broadford Bridge
well in southern England. The deposit spans a number of sequences of the
naturally fractured Kimmeridge oil play, at a depth of 4,018 to 5,508 feet.
Multiple examples of hydrocarbons have been observed during the Broadford
Bridge-1 programme to date - including mobile oil in drilling mud, oil shows in
drill-cuttings, and wet gas readings - and a flow testing programme is planned.
WH Ireland only last week put its recommendations under review as the initial
well reports surpassed the broker's expectations and the AIM-quoted share
prices moved beyond its price target.
Share Information
Code:
Listing:
52 week
High
4.1p
The upcoming flow test will now be the focus, according to WH Ireland analyst
Brendan Long.
Sector:
"This programme is designed to establish if oil can flow at commercial rates
and in commercial quantities from the well," Long said in a note.
Company Synopsis:
"In our opinion, the indications are exceedingly positive. We will be interested in
the stabilised production rates (with stable bottom hole pressure) and the
decline rates.
"The more permeability, the better, as this will provide fluid flow and pressure
support from deep within the reservoir. If the shales too contribute to production
and pressure support the wells may be prolific producers in our opinion."
Long added: "The company is clearly applying an approach of letting science
do the talking as the resource presents itself.
Website:
UKOG
AIM
Low
0.83p
Energy
www.ukogplc.com
UK Oil & Gas Investments PLC (UKOG) is
specifically focused on seeking investments
in the domestic conventional oil and gas
sector in the UK.   UKOG has no
interest in the latest fad of fracking for shale
gas. UK Oil & Gas Investments is traded in
the
ISDX
Exchange
HERE.
Author:
Proactive Investors Australia
+61 (0)2 9280 0700
[email protected]
"So far, the data has been very supportive, more analysis from the cores will
require extensive lab work, but with the cores in hand that is just a matter of
time. With an extended production test forthcoming, which will provide another
robust data point, perhaps the most important of all, this will add further to the
growing understanding of the resource."
READ:UKOG unveils "ground breaking" results from Broadford Bridge well
"Ground breaking" results
On Monday, UKOG explained to investors that the flow testing programme will be designed to establish whether or not
oil can flow at commercial rates and in commercial quantities.
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Stephen Sanderson, UKOG chief executive, has described the well findings to date as "ground breaking" and added
that Broadford Bridge is now set to supplant its stake in Horse Hill as the company's most significant asset.
"In the company's view, these highly positive and ground-breaking drilling results support our concept that a continuous
oil deposit, some 1100 feet vertical thickness, underlies the BB-1 well location and the wider Weald Basin," Sanderson
said in a statement.
"UKOG as the largest licence holder in the prospective area of the Kimmeridge oil deposit is ideally positioned to take
full advantage of this position."
He added: "The major technical learning from BB-1 to date is that the Kimmeridge oil deposit now spans both fractured
limestones and shales over almost the entire Kimmeridge section and that natural fracturing is more pervasive than
expected.
"This bodes very well for the forthcoming flow test programme, which will commence following electric logging and well
completion.
"The forthcoming extensive flow testing phase will now hopefully move us even further from proof of geological concept
towards demonstrating that BB-1 itself is commercially viable."
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