11th Apr 2019 11:28
LONDON (Alliance News) - UK Oil & Gas PLC on Thursday said dry oil production from the Horse Hill oil field in Sussex, England, has been stable, passing the 15,000 barrel landmark.
UKOG, which has a 51% stake in the field, said the Portland reservoir is producing at over 220 barrels a day, and has now passed 15,000 barrels since it started producing.
The pump rate from the HH-1 well on Portland is being held below a previously reported 362 barrel a day rate to manage the reservoir.
The well, UKOG said, is currently shut-in for a 60-hour pressure build up test, with production restarting once the company has pressure data and can carry out some other maintenance.
Chief Executive Stephen Sanderson said: "The Portland's proven ability to sustain a stable dry oil production rate of over 220 barrels a day for two months provides a further landmark that solidly underpins the validity of the company's planned field development."
"We remain fully on track to drill new horizontals in the second quarter of this year and are even more confident the new Portland horizontal well can achieve its 720 to 1,080 barrels a day target. We believe Horse Hill remains well positioned to deliver future significant value."
The announcement was noted by Alba Mineral Resources PLC, which has a 12% stake in the Portland asset.
UKOG shares were 2.9% lower on Thursday at a price of 1.19 pence each, with Alba shares up 4.0% at 0.26p.
Related Shares:
Alba Mineral ResourcesUK Oil & Gas