UK Oil & Gas Investments

UK Oil & Gas Investments (UKOG) said that the Horse Hill-1 onshore discovery well in Petroleum Exploration and Development License (PEDL) 137 in southern England has shown “North Sea-like” oil flows. Located in the Weald Basin near Gatwick Airport, the well flowed at a stable rate of 323 B/D of oil in its latest production test. With the inclusion of earlier results, the well has achieved a total aggregate stable dry oil flow rate of 1,688 B/D from three tested zones. In an independent study, Schlumberger has reported that a mean of almost 11 billion bbl of oil in place is embedded within the PEDL 137 and PEDL 246 Horse Hill licenses. UKOG and Solo Oilhold 20.163% and 6.5% stakes in PEDL 137, respectively. Horse Hill Development, the operator, holds the remaining stake.