Horse Hill licences contain a best estimate oil in place of 9,245 million barrels.
Further to the report provided to UK Oil & Gas Investments PLC and Solo by Nutech in relation to the Horse Hill-1 well in the Weald basin, previously announced in April 2015, Solo has been advised that Nutech has now provided UKOG with an additional independent report of the estimated oil in place contained within the 55 square mile area covered by the Horse Hill licences (PEDL 137 and PEDL 246) near Gatwick Airport, south of London, where Solo holds a 6.5% net attributable interest.
The new study calculates that the total Jurassic mudstone and tight limestone section of the Horse Hill licences contain a best estimate oil in place of 9,245 million barrels. The most significant OIP within the Jurassic section is contained within the mudstones and tight limestone sequences of the Kimmeridge Formation, with a calculated best estimate total Kimmeridge OIP of 5,230 mmbbls.
This evaluation does not include the OIP for the Portland Sandstones, which has already been evaluated independently by Xodus Group and announced on 11 May 2015. The calculated OIP figures estimated by Nutech should not be construed as contingent resources or reserves.