Stephen Sanderson, Chief Executive, UK Oil & Gas PLC (LON:UKOG)
On the 15 November 2018, UKOG made a market announcement on the EWT (Extended Well Test) Portland & Kimmeridge Oil Discovery, Horse Hill-1, Weald Basin, UK. Share Talk spoke with Stephen Sanderson today and he explains in more depth the figures, technical released.
In Stephen own words "the Kimmeridge zone is alive and kicking" K3 limestone zone has been tested and is commercially viable with the rates we have produced. We are now testing the upper layer in K4 Kimmeridge Limestone Zone.
Looking at an average rate of production of 342 barrels per day, with various choke setting used we achieved a maximum rate of 902 barrels a day.
The results clearly show this is the best producing well onshore in the UK outside of Wytch Farm well.
UKOG is moving away from an exploration company, to production with rates that generate gross £20 million per year and looking to drill more multiple wells that will add further value to UKOG.