PEDL143 – Holmwood Prospect
The first Weald Basin licence interest to Union Jack’s expanding UK onshore portfolio.
Unrisked gross mean prospective resources of 5.6 million barrels from the shallower sandstone reservoirs only.
In May 2016, Union Jack entered into an agreement with the Operator, Europa to acquire a 7.5% economic interest in PEDL143 located within the Weald Basin in southern England and containing the drill-ready Holmwood Prospect.
During 2015 planning permission was obtained for both the surface well location and underground wellpath for the Holmwood-1 exploration well expected to be drilled in H2 2017.
The Holmwood Prospect is a conventional oil prospect first identified by BP in 1988, and is estimated by the Operator to hold gross mean unrisked prospective resources of 5.6 million barrels of oil in the Portlandian and Corallian sandstones with a geological COS of 33%. The P90 – P10 range of prospective resources is 1 to 11 million barrels of oil which is the typical range for the Weald Basin, based on the 14 oil and gas fields that have been discovered and produced in the Weald Basin to date.
The Holmwood Prospect lies 12 kilometres immediately to the west of, and on trend with, the Horse Hill-1 discovery well in PEDL137 where earlier in 2016 UK Oil & Gas Investments PLC and its partners reported excellent flow rates from test production from the Upper Portland sandstone reservoir and the Upper and Lower Kimmeridge limestone reservoirs. The Holmwood Prospect also lies approximately five kilometres south of the Brockham oilfield that produces from the Portland sandstone reservoir.
The Holmwood-1 exploration well will penetrate similar stratigraphy to the Horse Hill-1 discovery, including the possibility that oil may be encountered in the Jurassic Upper
and Lower Kimmeridge Micrites, in addition to its principal targets in the Corallian and Portlandian sandstone. Possible resources within the Jurassic limestones, equivalent
to those at the Horse Hill-1 discovery have not been estimated in the Operator’s mean unrisked prospective resources forecast of 5.6 million barrels of oil and so offer further upside potential.
A two year extension has been granted by the OGA to 1 October 2018 in respect of this licence.
The percentage interest holdings are as follows:
|Europe Oil and Gas Limited (operator)||
|UK Oil & Gas Investments PLC||
|Egdon Resources UK Limited||
|Angus Energy plc||
|Warwick Energy Exploration Limited||
|Union Jack Oil plc||
|Altwood Petroleum Limited||