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UK Oil & Gas updates on Broadford Bridge-1 well

By BFN News | 01:44 PM | Thursday 20 July, 2017


UK Oil & Gas has reported that preliminary image log interpretations have revealed a further, highly naturally-fractured Kimmeridge shale and limestone reservoir zone, designated "KL0", from 5,508-5,640 ft measured depth ("MD") at its Broadford Bridge-1 Exploration Well, Weald Basin. Fractures on image logs coincide with lost circulation zones, oil in mud and wet gas shows. Gross possible Kimmeridge fractured oil-bearing zone increased by 132 ft to 1,622 ft MD, a true vertical section of around 1,200 ft; spans five entire naturally fractured Kimmeridge Limestone and shale zones (KL0-KL4) from 4,018-5,640 ft MD. Zone may extend further upwards into fractured zones above 3,800 ft MD. Schlumberger electric logging and fracture imaging completed, cement plug in deeper Corallian sandstone set and 7-inch steel casing currently being run in the hole. Flow testing of multiple zones over an aggregate 900 ft total perforated section to commence following setting of remaining 7-inch steel casing to TD and well completion. Stephen Sanderson, UKOG's Executive Chairman, commented: "BB-1, UKOG's new flagship asset, continues to provide a stream of data and ground-breaking technical insights into what we believe is a new and potentially highly significant oil resource. This comprehensive and extensive data set is a sound investment into the future of BB-1 and our corporate goal to establish first Kimmeridge production by the end of 2018/early 2019. With the technical data from drilling, core and logs continuing to provide mutually supportive evidence of "proof of geological concept", we will now move on very shortly, via a comprehensive extended flow testing programme, to test the concept that oil can flow to surface from the KL0-KL4 at commercial rates and volumes, the litmus test for any oil company. Whilst there is always uncertainty in any new well and testing outcome, the technical results from BB-1 to date continue to remain both positive and most encouraging." At 1:44pm: (LON:UKOG) UK Oil Gas Investments Plc share price was +0.45p at 5.18p Story provided by StockMarketWire.com

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