Update on Investment in Lidsey Oil Field

RNS Number : 3110J

UK Oil & Gas Investments PLC

11 June 2014

 



For Immediate Release

11 June 2014

UK Oil & Gas Investments PLC

("UKOG" or the "Company")

Update on investment in Lidsey Oil Field

UKOG (AIM: UKOG) today announces that work has started on the second stage well intervention on the producing Lidsey-1 well in the UK Weald Basin. This second stage production enhancement programme is expected to take approximately one week to complete.

UKOG owns 6% of Angus Energy Limited ("Angus Energy"), the operator and 70% owner of the Lidsey Oil Field

David Lenigas, the Company's Chairman, commented:

"This long awaited production improvement programme on the Lidsey Oil Field, near Bogna Regis, is designed to open up the existing un-tapped sections of the Lidsey-1 well. Results of this programme will be announced when completed."

Lidsey Oil Field

The Lidsey Oil Field ("Lidsey"), in the Weald Basin, is held under United Kingdom Production Licence PL 241. Oil production was 25 bopd, prior to a re-completion programme back in November and December 2013, which resulted in a temporary boost in oil production. Production has steadily declined to [34-38] bopd and Angus Energy have now formally advised the partners in Lidsey that a new re-completion is being planned in order to again increase production. .The drilling of the new Lidsey-2 well has been postponed until after the Lidsey-1 well re-completion.

Lidsey has a fully permitted and operation 2,000-barrel storage facility and its 38 API oil is regularly trucked and sold to the Perenco Oil Refinery.

On 13 March 2014, UKOG announced the conclusions of the independent reserve and resource reports ("CPRs") prepared by RPS Energy Consultants Limited ("RPS") for both the Lidsey and Brockham Fields in the Weald Basin, a copy of which is available from the Company's website at www.ukogplc.com

 Glossary:

API	American Petroleum Institute measure of the gravity of oil
bopd	Barrels of oil per day

For further information, please contact:

UK Oil& Gas Investments PLC David Lenigas / Donald Strang	Tel: [phone]
Beaumont Cornish (Nominated Adviser) Roland Cornish / Michael Cornish	Tel: [phone]
Hume Capital Securities PLC (Corporate Broker) David Lawman	Tel: [phone]
Square 1 Consulting (Public Relations) David Bick/Mark Longson	Tel: [phone]

A copy of this announcement is available from the Company's website at www.ukogplc.com

-ENDS-

 

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