14th Sep 2015 09:44
LONDON (Alliance News) - UK Oil & Gas Investments PLC on Monday said it has received a competent person's report for the Markwells Wood oil field in the Weald Basin, which indicates the site has a contingent resource of 1.2 million barrels net to the company.
The field, which is 100%-owned by UK Oil & Gas, is located in the PEDL126 licence area in the Weald Basin near Gatwick Airport in West Sussex. It is immediately east of the producing Horndean Field, in which UK Oil & Gas has a 10% stake, and south east of the Horse Hill discovery, at which UK Oil & Gas is partnered with a number of other AIM-listed companies.
Stephen Sanderson, UK Oil & Gas' chairman, said the competent person's report for the site is an "important milestone" for the company as it backs its internal view that the field can be developed successfully.
"I now look forward to testing and refining our new view of Markwells Wood's production potential with the proposed MW-1ST development well as soon as the necessary regulatory consents are in place," said Sanderson.
Shares in UK Oil & Gas were down 3.9% to 1.73 pence on Monday morning.
By Sam Unsted; [email protected]; @SamUAtAlliance
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