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UK Oil and Gas outlines oil field improvements
StockMarketWire.com
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Horse Hill an oil well majority owned by UK Oil and Gas is to be reconfigured, subject to regulatory consent, into a water re-injection well as soon as practicable as part of a wider plan to reduce operational costs.
The company have already reduced field operating costs by to thirds between January 2020 and January 2021 but hopes the operational improvements to the well will help the field to take full advantage of the current strengthening oil price.
Stephen Sanderson, UKOG chief executive, said that he anticipates an increase in net revenue from the reduction in water handling costs once the improvements have been made.
The field, which has already produced 132,000 barrels of Brent crude oil, will benefit from two further infill wells at the Portland and Kimmeridge oil pools, scheduled for later this year once appraisal drilling at the companys Basur-Resan discovery, Turkey, is complete.
At 2:33pm: (LON:UKOG) UK Oil Gas Investments Plc share price was 0p at 0.17p
Story provided by StockMarketWire.com
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