23rd Jan 2019 13:59
LONDON (Alliance News) - UK Oil & Gas PLC on Wednesday said it will drill nine wells between 2019 and 2020.
Furthermore, after a successful drilling campaign, the company plans to move Horse Hill's ongoing test-based oil production into permanent production by the end of 2019. Horse Hill oil field is located in the Weald Basin of Surrey, UK.
The plan aims to convert around 15.6 million barrels of the company's net discovered conventional recoverable resources into reserves.
Chief Executive Officer Stephen Sanderson said: "If successful, this comprehensive plan aims to add significant value to the company and shareholders via transforming UK Oil & Gas from an exploration and appraisal company into a fully-fledged producing oil company by the end of 2019."
UK Oil & Gas shares were trading up 6.5% at 1.25 pence each.
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