28th Feb 2014 12:30
LONDON (Alliance News) - UK Oil & Gas Investments PLC Friday said a rig has been booked to drill the side track well on the Brockham oil field in Surrey, as the operator of the site also got its independent report on the potential resources.
UK Oil & Gas has an interest in the field through its 6% stake in operator Angus Energy Ltd.
In a statement, UK Oil & Gas said an independent evaluation report by RPS Energy Consultants Ltd, which was commissioned to assist with the preparation for the new side track, calculated the gross in-place volumes at 1.89 million barrels in a low case scenario up to 5.83 million barrels in a high case scenario.
"The company looks forward to shortly the drilling of the side track well at Brockham, which is targeted to intersect the crestal part of the structure and is planned to be completed as a production well," UK Oil & Gas Chairman David Lenegas said in a statement.
The side track well is set to be started in late March.
UK Oil & Gas bought its stake in Angus Energy earlier this month. In January, Doriemus, which has a 10% interest in the Brockham field, said the Brockham-1 well on the field had doubled output to 84 barrels a day after it was worked over.
UK Oil & Gas Investments shares were down 15.4% at 0.55 pence Friday. Doriemus was up 3.3% at 0.217 pence.
By Steve McGrath; [email protected]; @SteveMcGrath1
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