However, UKOG has executed a binding Heads of Agreement with Aladdin Middle East Ltd (AME) to acquire a 50% interest in the 305 km² Resan Licence. AME will remain the operator of the 5-well commitment drilling programme, expected to start in 2021.
UKOG, thanks to its policy of investing in expert advice from the world’s major analysts, is leading the way in ensuring that any oil and gas developments are conducted with full respect to the countryside and a determination to preserve the well-being and way of life of local residents. UKOG’s shares are listed and trade on London’s Alternative Investment Market (AIM). The current portfolio includes eight oil and gas assets held under Petroleum Exploration and Development Licences (PEDL). All assets are onshore.
The Company is well funded and plans to grow its core UK Weald business with a programme of development and acquisition. Our technical team is driving the “proof of concept” for the new and potentially significant Weald Kimmeridge limestone naturally-fractured oil play, demonstrated by the successful Horse Hill-1 exploration well.
Here is a list of our current assets:
Field currently shut in.
UKOG holds a 5% interest.
Field is in stable production.
UKOG has a 10% interest.
Horse Hill (PEDL137/PEDL246)
Field in stable production.
UKOG holds a 50.64% interest in the Horse Hill licences, and a 77.9% interest in HHDL.
Isle of Wight (PEDL331)
Planning application submitted for Arreton appraisal well.
UKOG has a 65% interest.
Loxley/Godley Bridge gas discovery, plus Broadford Bridge-1/1z oil discovery.
Resan Turkey (M-47-b1, b2)
Appraisal of Basur-Resan oil discovery, plus further exploration prospects. Drilling planned for mid-2021. UKOG has 50% interest, with operator Aladdin Middle East Ltd.
UKOG is led by Chief Executive Stephen Sanderson and supported by Operations Director Kris Bone and Commercial Director Matt Cartwright.
We have a small but highly-experienced team, who believe strongly that truly understanding our assets is fundamental to success. That’s why we engage with global companies such as Nutech, Schlumberger and Xodus Group to provide us with the most pertinent niche expertise to help turn our discoveries into economic reality. Our portfolio has a good balance of low risk, stable production and conventional development assets, together with higher reward exploration and tight oil development assets, offering further upside potential. While we progress the necessary approvals to take some of our projects further, we are also exploring, at a conceptual level, how best to identify potential new sites in the Weald – sites that are located in places that would provide minimal footprint and visual impact. We believe we are well positioned to add value to our existing assets and to explore new commercially-viable sites for the benefit of the UK’s energy security – and for the benefit of the Weald Basin and its residents.