UKOG: Encounters oil deposit in PEDL234, Weald Basin, UK

UKOG encounters 1,490 ft thick Kimmeridge continuous oil deposit at Broadford Bridge-1 exploration well in PEDL234, Weald Basin, UK.

Drilling programme reveals a Continuous Oil Deposit, with gross possible Kimmeridge oil bearing zone of at least 1,490 ft measured depth (‘MD’), equating to 1,100 ft vertical depth, has been encountered at BB-1; spans entire naturally fractured Kimmeridge Limestone (KL1-KL4) and shale section from 4,018-5,508 ft MD.

200 ft thick KL1 fractured oil reservoir sequence drilled from 4,945-5,155 ft MD; mobile oil recovered from drilling mud, oil shows in drill-cuttings, good wet gas readings; significant lost circulation zones (“LCZs”) within KL1 indicates connected and laterally extensive natural-fracture system.

Drilling and coring successfully completed at Total Depth of 5,850 ft MD; Schlumberger electric logging and fracture imaging underway, flow testing to commence following setting of 7-inch steel casing and well completion.

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