Isle of Wight
Licence number: PEDL331 Onshore 14th Round
UKOG interest: 65%
The January 2016, Xodus' independent report allocated a gross mean aggregated oil in place of 227 million barrels ("MMbbl") to the onshore Arreton oil discovery and associated Arreton South and North satellite prospects. Recoverable gross 2C Contingent Resources were calculated as 15.7 MMbbl, with 10.2 MMbbl net to UKOG. The Company holds a 65% interest in PEDL331.
Arreton site selection and regulatory permitting activities are now underway to permit a planned appraisal drilling campaign in the first half of 2019.
Wells, Prospects and Leads Offshore and Onshore Isle of Wight
Source: UKOG/DECC/ESRI
UKOG has estimated unrisked gross STOIIP for the M Prospect. Probabilities of success have also been estimated. Two alternatives are shown, for the Triassic being either oil or gas charged.
UKOG’s Calculated M Prospect Portland and Triassic Oil Case, Unrisked, Gross STOIIP, MMbbl
Reservoir Objective |
Low |
Most Likely (P50) OIIP MMbbl |
High |
Probability of Success |
|||
Total |
P1916 |
Total |
P1916 |
Total |
P1916 |
% |
|
Portland Limestone |
17.6* |
15.7* |
40* |
35.3* |
80* |
70.2* |
35%* |
Triassic Sherwood Sst |
21.9* |
21.7* |
76.5* |
71.3* |
205** |
169** |
11**-20*% |
* 4-way dip closure
** Dependent upon a combination of 4-way dip closure plus downthrown fault seal
UKOG’s Calculated M Prospect Triassic Gas Case, Unrisked, Gross GIIP, bcf
Reservoir Objective |
Low |
Most Likely (P50) GIIP |
High |
Probability of Success |
|||
Total |
P1916 |
Total |
P1916 |
Total |
P1916 |
% |
|
Triassic Sherwood Sst |
57.3* |
56.8* |
197* |
184* |
520* |
426* |
11**-20*% |
* 4-way dip closure
** Dependent upon a combination of 4-way dip closure plus downthrown fault seal
UKOG has a net attributable interest of 77.5% in P1916
UKOG commissioned Xodus Group to provide an independent evaluation of the OIP and recoverable resources for the Arreton discovery (UKOG 65%). Xodus concluded that the Arreton-2 undeveloped oil discovery (Arreton Main), and the adjacent low-risk Arreton North and South Prospects (Arreton Prospects) contain an aggregate gross P50 OIP of 219 MMbbl, within Purbeck, Portland and Inferior Oolite limestone reservoirs.
Xodus calculated that Arreton Main contains net P50 contingent resources of 10.2 MMbbl, The Arreton Prospects are calculated to contain net P50 prospective resources of6.8 MMbbl, solely within the Portland reservoir unit.
More information on the Xodus independent evaluation can be found here
Gross STOIIP (MMbbl) | Low2 | Best | High | Mean |
Arreton Main Portland | 6.8 | 21.3 | 61.6 | 29.3 |
Arreton Main Purbeck | 4.7 | 9.2 | 19.6 | 11.2 |
Arreton Main Inferior Oolite | 52 | 87.5 | 137 | 91.7 |
Arreton North Portland | 3.7 | 22 | 59.9 | 27.6 |
Arreton South Portland | 14.2 | 55.2 | 138 | 67.4 |
Total STOIIP3 | 144 | 219 | 322 | 227 |
Oil Contingent Resources (MMbbl) |
Gross Oil Contingent Resources | Oil Contingent Resources Net to UKOG |
Commercial Risk Factor |
||||
1C | 2C | 3C | 1C | 2C | 3C | (%)6 | |
Arreton Main Portland | 0.8 | 2.6 | 7.8 | 0.5 | 1.7 | 5.0 | 50% |
Arreton Main Purbeck | 0.6 | 1.1 | 2.5 | 0.4 | 0.7 | 1.6 | 50% |
Arreton Main Inferior Oolite | 6.2 | 10.8 | 17.6 | 4.0 | 7.0 | 11.4 | 50% |
Total Contingent Resources | 9.9 | 15.7 | 24.1 | 6.4 | 10.2 | 15.7 |
Oil Contingent Resources (MMbbl) |
Gross Oil Prospective Resources | Oil Prospective Resources Net to UKOG |
Commercial Risk Factor |
||||
Low | Best | High | Low | Best | High | COS (%) | |
Arreton North Portland | 0.5 | 2.7 | 7.6 | 0.3 | 1.8 | 4.9 | 69% |
Arreton South Portland | 1.7 | 6.8 | 17.4 | 1.1 | 4.4 | 11.3 | 73% |
Total Prospective Resources | 4.0 | 10.5 | 21.6 | 2.6 | 6.8 | 14.0 |