Schlumberger report upgrades Gatwick Airport oil find

LONDON -- UK Oil & Gas Investments announced Friday that Schlumberger has independently assessed the petrophysics of the Horse Hill-1 well (HH-1). The well is located in PEDL137, in the Weald basin, near to London’s Gatwick Airport. UKOG has a net attributable interest of 20.358% in PEDL137.

The report, Petrophysical Evaluation of the Horse Hill-1 Well, estimates an overall oil in place (OIP) for the Jurassic section of the well to be 271.4 MMbbl per square mile.

The total OIP comprises 16.2 MMbbl per square mile for the conventional Upper Portland Sand reservoir discovery and 255.2 MMbbl per square mile solely for the tight limestone and mudstone plays of the Kimmeridge, Oxford Clay and Lias.

The OIP hydrocarbon volumes estimated should not be construed as recoverable resources or reserves, UKOG said in a statement.

"This independent technical viewpoint adds further weight to the potential significance of the HH-1 well and the potential of the Horse Hill licenses," Stephen Sanderson, UKOG's CEO, said Friday.

UKOG made headlines in April when it announced that the well had a total OIP of 158 MMbbl per square mile, excluding the Upper Portland Sandstone discovery.