25th Mar 2015 09:10
LONDON (Alliance News) - UK Oil & Gas Investments PLC on Wednesday said the initial sub-surface analysis for the P1916 offshore Isle of Wight M Prospect has confirmed the potential for significant unrisked hydrocarbon volumes.
The company said its initial calculations of unrisked gross oil initially in place for the main prospective objectives at the project are 40 million barrels for the Portland Limestone target and 76.5 million barrels for the Triassic Sherwood Sandstone reservoir.
The company said it is now working on volumetric estimates for additional identified reservoir objectives at the site.
"The Isle of Wight, and particularly the M Prospect, represents an exciting part of UKOG's growing core exploration growth portfolio here in the UK. The M Prospect is well defined, drill-ready and may represent the Weald-Wessex basin's largest undrilled conventional Portland trap and one of the provinces second or third largest undrilled conventional Triassic traps," said Stephen Sanderson, UK Oil & Gas Investment's chief executive officer.
Shares in the company were up 3.1% to 0.835 pence on Wednesday.
By Sam Unsted; [email protected]; @SamUAtAlliance
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