UK Oil and Gas Investments (UK) boosted its oil in place estimate Thursday for the onshore UK Horse Hill field up to 100 billion barrels.
The company now estimates that the Horse Hill-1 (HH-1) well in the onshore Weald Basin holds 158 million barrels of oil in place per square mile, excluding the previously reported Upper Portland Sandstone oil discovery.
UKOG said Horse Hill-1 has a 653 feet aggregate net pay section with 72 percent of in place oil, about 114 million barrels, sitting in the Upper Jurassic Kimmeridge interbedded limestone and mudstone sequence.
The new estimates could mean the field holds as many as 100 billion barrels of oil, a huge upgrade from previous estimates of 4.4 billion barrels.
The field’s estimated recovery factors for oil in place are between 3 percent to 15 percent based on U.S. analogues, UKOG said.
“The company considers that the high pay thickness, combined with interpreted naturally fractured limestone reservoir with measurable matrix permeability, gives strong encouragement that these reservoirs can be successfully produced using conventional horizontal drilling and completion techniques,” Sanderson said.
Further appraisal drilling and well testing are still required to prove the commerciality of the reserves.
The Horse Hill licences cover 55 square miles of the Weald Basin in southern England.
UKOG holds a a 20.36 percent interest in the licenses.
Horse Hill-1 well is located in onshore exploration license PEDL 137, on the northern side of the Weald Basin near Gatwick Airport.
UKOG owns a 30 percent direct interest in Horse Hill Developments Ltd ( HHDL ) and a 1.32 percent interest in HHDL via its 6 percent interest in Angus Energy.
HHDL is a special purpose company that owns a 65 percent participating interest and operatorship of PEDL 137 and the adjacent PEDL 246 license.