UK discovery could hold 100mn barrels
Further testing on the reservoir rock is ongoing
A report delivered by Houston-based NUTECH for UK Oil & Gas Investments PLC (UKOG), estimates that the Horse Hill-1 (H-H1) well in the Weald Basin holds between 50-100bn barrels of oil.
According to NUTECH, the geological sequence of Horse Hill is analogous to the productive sections of the Bakken and Permian Basin shale formations, as well as the Bazhenov Formation in West Siberia.
The NULOOK petrophysical evaluation process uses conventional open hole well logs to analyse the texture of the tested reservoir rock.
In order to accurately confirm the total OIP estimates predicted in NUTECH’s report, the Horse Hill licensed areas, covering approximately 55 square miles of the Weald Basin in southern England, will undergo extensive analyses led by NUTECH, UKOG and Solo Oil Plc.
The contracted companies are working to prepare a drilling and well testing program to confirm the findings of NUTECH’s initial report. Final results of the estimated OIP within the formation will be announced when complete.
“The experience and global knowledge NUTECH has earned through years of interpreting well analyses, have provided UKOG with the expertise needed to identify the full potential of the Horse Hill-1 well,” said Allen Howard, president and CEO, NUTECH.
“I am pleased to announce that our local company was able to play such a key role in the discovery of this significant international reservoir.
“Our company looks forward to working alongside UKOG and Solo Oil Plc. to continue with the analysis of the rock sequence in order to fully unlock the oil play potential of this well.”