06 June 2015 – UK Oil & Gas Investments (UKOG) announced Friday that Schlumberger has estimated the gross overall oil in place (OIP) for the Jurassic section of the Horse Hill-1 well in the UK to be approximately 271 million barrels of oil per square mile.
A total of 255 million barrels gross OIP lies within the tight limestone and mudstone plays of the Kimmeridge, Oxford Clay and Lias, according to Schlumberger. Earlier this year, US petrophysical analysis firm Nutech estimated that the Horse Hill-1 well near Gatwick Airport contained a total oil in place value of 158 million barrels per square mile.
Solo Oil Chairman Neil Ritson commented in a company statement:
“We are pleased to note that Schlumberger, using their own proprietary techniques, has confirmed the order of magnitude of the earlier work conducted by Nutech. Taken together these independent estimates continue to suggest a significant oil potential in the unconventional Jurassic sequence in the Horse Hill area and may have wider significance in the Weald Basin generally.”
Solo owns a 10 percent interest in Horse Hill Developments Ltd, which owns a 65 percent participating interest and operatorship of onshore licences PEDL137 and the adjacent licence PEDL 246 in the UK Weald Basin. Solo has a net 6.5 percent interest in PEDL137 and PEDL246.