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Schlumberger report gatwick oil find

UK Oil & Gas, Doriemus, Solo Oil, Angus Energy

Schlumberger report gatwick oil find

Post Thu Jun 04, 2015 12:40 am

rumours have it Schlumberger are going to confirm all the oil is in place, and even better than expected. If this happens will buy in the morning sell at 6p by mid to late afternoon. might trade ukog or Dor early in the morning, want to make as much money as possible to buy on open when range relists. :)
sebastianriberac
 
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Re: Schlumberger report gatwick oil find

Post Thu Jun 04, 2015 8:36 am

All HH shares suspended now, looks like you might be right!
Youngbuck87
 
Posts: 190
Joined: Jun 2014

Re: Schlumberger report gatwick oil find

Post Thu Jun 04, 2015 3:48 pm

Youngbuck87 wrote:
> All HH shares suspended now, looks like you might be right!

Yes saw this morning it has gone into halt, checked the LSE and III forums but no one mentioned anything about the Schlumberger report. LOL. Be interesting to see if my source for the rumours proves to be correct. Hope so, it'll be a big deal if the oip is valued by them.
sebastianriberac
 
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Re: Schlumberger report gatwick oil find

Post Fri Jun 05, 2015 10:50 am

Interesting news this morning :D

Will be holding throughout the summer now see these touching 6p by September.

Keen on building a big holding in ukog and of course range (once it trades again).
sebastianriberac
 
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Re: Schlumberger report gatwick oil find

Post Fri Jun 05, 2015 10:56 am

If Range used total oil in place, we would all be very wealthy.
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omadawn
 
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Location: Moving out of Trinidad with a wad of cash

Re: Schlumberger report gatwick oil find

Post Fri Jun 05, 2015 1:20 pm

omadawn wrote:
> If Range used total oil in place, we would all be very wealthy.

Lol aye. The UKOG boards are full of utter madness.
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RichTheNewbie
 
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Re: Schlumberger report gatwick oil find

Post Wed Aug 26, 2015 7:48 am

UK Oil & Gas Inv PLC
Schlumberger Independent Assessment of Horse Hill
RNS Number : 0849X
UK Oil & Gas Investments PLC
26 August 2015

26 August 2015

UK Oil & Gas Investments PLC

("UKOG" or the "Company")

Schlumberger Independent Assessment of Horse Hill Licence Area

UK Oil & Gas Investments PLC (LSE AIM: UKOG) is pleased to announce that a mean Oil in Place ("OIP") of 10.993 billion barrels has been independently calculated by Schlumberger to lie within the 55 square miles of the PEDL137 and PEDL246 Horse Hill licences ("the Licence Area") in the Weald Basin, located in the South East of England. UKOG has a net attributable interest of 20.358% in the Licence Area.

The tight Jurassic limestones and shales of the Kimmeridge Clay Formation in the Licence Area are calculated to contain a total OIP of 8.262 billion barrels, with the shales of the Oxford Clay and Lias Formations containing an aggregate OIP of 2.731 billion barrels, as shown in Table 1.

Table 1: Licence Area mean OIP estimates, millions of barrels ("MMBO")

Formation
Mean OIP (MMBO)
Kimmeridge Clay
8,262
Oxford Clay
1,017
Lias
1,714
TOTAL
10,993
Schlumberger acquired the Horse Hill-1 well ("HH-1") electric logs during the drilling of HH-1. This analysis builds on their previous petrophysical evaluation of HH-1, located in PEDL137 near to London Gatwick Airport, as announced on 5 June 2015. In that previous HH-1 analysis, a total mean OIP, excluding the Upper Portland sandstone oil discovery, of 255 million barrels of oil per square mile was calculated. The current report incorporates the analysis of a further nine wells located within and beyond the Licence Area.

It should be noted, as previously reported, that the HH-1 Upper Portland sandstone oil discovery is a geologically separate oil accumulation from, and additional to, the identified underlying Jurassic tight oil plays.

As previously stated by the Company, the above estimated OIP hydrocarbon volumes should not be construed as recoverable resources or reserves and also should not be construed in any way to reflect potential producibility of hydrocarbons from the formations evaluated. The Company would expect to report estimated recoverable resources following a successful well flow test, in order to comply with the standards of the Society of Petroleum Engineers' 2007 Petroleum Resources Management System.

The Company will integrate the report's findings into the planned flow test of the HH-1 well expected later this year subject to approval by the Environment Agency. This is another key step in the proof of concept process for Jurassic tight oil and the Kimmeridge limestone reservoirs in particular.

The Company is now well advanced with additional internal and external technical studies to fully understand the possible implications of the report's key findings upon the hydrocarbon potential of UKOG's other Weald interests.

Stephen Sanderson, UKOG's Chairman, commented:

"The independent analysis has further tested and given support to our geological model which predicts that the significant volumes of OIP calculated within the tight Jurassic section of HH-1 extend across the Licence Area. The report is thus a further step towards establishing proof of concept for the Jurassic tight oil play potential of Horse Hill and the Weald Basin."

Future Plans:

In parallel with its subsurface and HH-1 flow test studies for the Portland sandstone and underlying tight Jurassic oil zones, the Company has also commissioned related engineering and environmental studies to investigate a conceptual Weald Jurassic field development, with the prime objective that it must respect and preserve the rural beauty and way of life of the area, with minimal environmental impact, while at the same time providing a valuable contribution to the area's economy. This is fundamental to the Company's operating philosophy and policy.

UKOG's interest in the Licence Area and Horse Hill:
The Licence Area, comprising licences PEDL137 and PEDL246, is located on the northern side of the Weald Basin of South East England near Gatwick Airport. The HH-1 discovery well is located in PEDL137. UKOG owns a 30% direct interest in Horse Hill Developments Ltd ("HHDL") and a 1.32% interest in HHDL via its 6% interest in Angus Energy Limited. HHDL is a special purpose company that owns a 65% participating interest and is the operator of the Licence Area. The remaining 35% participating interest in the Licence Area is held by Magellan Petroleum Corporation.
Qualified Person's Statement:

Stephen Sanderson, UKOG's Executive Chairman, who has over 30 years of relevant experience in the oil and gas industry, has approved the information contained in this announcement. Mr Sanderson is a Fellow of the Geological Society of London and is an active member of the American Association of Petroleum Geologists.
Schlumberger is acting exclusively for UKOG and for no one else in connection with the subject matter of this announcement and will not be responsible to anyone other than UKOG in connection therewith. No person or company other than UKOG may directly or indirectly rely upon the contents of its report. Schlumberger is acting in an advisory capacity only and, to the fullest extent permitted by law, disclaims all liability for actions or losses derived from any actual or purported reliance on its report (or any other statements or opinions of Schlumberger) by any person or entity other than UKOG.
TONY THE TIGER
 
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