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UK Oil & Gas PLC on Monday said production at its Horndean field site has seen a ‘significant’ increase, on the back of a workover campaign during the final quarter of 2024. The London-based energy company said full field production in January averaged 200 barrels of oil per day, which it said was 60% higher than the 125 bopd averaged in January 2024. As a result, Horndean operator Star Energy Group PLC now forecasts annual field production for 2025 to be 61,195 barrels, up 21% from the 49,402 barrels reported for 2024. This assumes an improved average daily rate of 168 bopd. UK Oil & Gas added that 2024 total field production had outperformed its budget forecast of 44,379 barrels by 11%. The workover campaign had resulted in deeper seating of a downhole pump at the Horndean site, in which UK Oil & Gas holds a 10% non-operated interest. This, combined with the installation of new electric pumps in 2023, has improved on the field performance and low decline seen in 2023’s production figures, UK Oil & Gas said. ‘We are delighted with the clear success of the workover programme and the materially increased production rates obtained,’ said Chief Executive Officer Stephen Sanderson. ‘Horndean’s production rate, decline and revenues continue to exceed expectations, further underscoring its value to our portfolio.’ Shares in UK Oil & Gas were down 5.3% at 0.018 pence in London on Monday morning. Copyright 2025 Alliance News Ltd. All Rights Reserved.
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