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UKOG completes Weald Basin PEDL126 acquisition from Magellan

UK Oil and Gas now holds 100% interest in the Weald Basin onshore license PEDL126 after acquiring Magellan Petroleum’s 40% interest. The license contains the Markwells Wood-1 Great Oolite oil discovery.

UKOG has now acquired interests in four UK onshore producing fields – Horndean (10%), Avington (5%), Lidsey (4.2%) and Brockham (3.6%) – as well as interests in three oil discoveries at Markwells Wood-1 (100%), Horse Hill-1 (20.358%) and Baxters Copse-1 (50%). UKOG is also the operator of the offshore Isle of Wight exploration license, P1916 (77.5%), and has applied for the contiguous onshore Isle of Wight acreage in the UK’s 14th Landward License Round.

PEDL126 has an area of 11.2 sq km, comprising blocks SU/71a and SU/81a, and is located in West Sussex and Hampshire in the western area of the Weald Basin.

The Markwells Wood-1 discovery was drilled in 2011. An extended well test program was carried out over a six-month period from November 2011 to May 2012, producing 3,931 bbl. The peak flow rate over a 24-hr period was approximately 100 bbl/day.

UKOG’s current interpretation of the Markwells Wood-1 well data and 2D seismic over the discovery and the neighboring producing Horndean oil field shows that Markwells Wood probably represents the eastern extension of the Horndean field, sharing the same structural spill point and interpreted “oil down to” depth of 4,446 ft TVDSS. The Horndean field produced 2.12 million bbl to end 2014.

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