UK Oil & Gas PLC (London AIM: UKOG) is delighted to announce that the Company s wholly owned subsidiary, UKOG Turkey Ltd, has received notice that formal government consent for the Company s acquisition of a 50% interest in the 305 km² Basur-Resan oil appraisal and exploration licence, ( Licence ), has now been granted via official decree. Forthwith, together with the operator, Aladdin Middle East Ltd ( AME ), the Company is a named party to the Licence, officially designated as AR/AME/K/M47-b1, b2.
As per the Company s 14 October 2020 announcement, the board views the Licence s forthcoming 2021 appraisal drilling programme, aimed initially at proving the commerciality of the Basur-Resan oil discovery, to present a compelling and potentially transformational growth opportunity for the Company.
UK: UKOG provides Horse Hill oil field update
18 Jan 2021
Horse Hill oil field.
Production
To date, the field has produced and exported over 132,000 barrels ( bbl ) of Brent quality crude from its Kimmeridge and Portland oil pools.
Despite the planned October and November downtime for the Horse Hill-1 ( HH-1 ) intervention, the total Portland oil production for the first quarter of UKOG s 2020/21 financial year to December 2020 was 7,045 bbl. The average production uptime was 57% over the period and ranged from 37% during October s main HH-1 intervention period, to 85% in November, post-intervention.
As announced on 5 November 2020, we safely completed an intervention to reperforate the full Portland oil producing section, insert a new simplified production tubing string and set the downhole pump at a deeper level to increase Portland pumping efficiency.
UK Oil & Gas plc announced this morning its 50% acquisition in the Basur-Resan oil licence in south east Turkey has been officially approved. The company said it was now a named party on the licence. Resan licence (in red) in south east Turkey. Map: From UKOG presentation UKOG said “rapid monetisation” of Basur-Resan was…
Judge finds decision to allow Horse Hill oil production was legal
A major blow for Surrey residents who crowdfunded legal costs
The Horse Hill site near Horley (Image: Surrey Mirror)
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22 December 2020 | 08:00am
StockMarketWire.com - Oil company UK Oil & Gas welcomed a judgement dismissing a challenge to planning consent granted by Surrey County Council for the company s majority-owned Horse Hill project near Gatwick Airport.
The company said it was delighted to announce that Justice Holgate had dismissed the challenge against long-term oil production at the asset following a judicial review hearing on 17 and 18 November. The written judgement rejects the challenge s three grounds and, therefore, the company s production planning consent remains in full force, United Oil & Gas said.
The company owned 85.6% of the Horse Hill oil field.
The challenge by Sarah Finch for the Weald Action Group claimed that the council failed to assess indirect greenhouse gas emissions of the development arising from the combustion of any produced oil.