Oil found in UK Angus Energy fields

UK Oil & Gas Investments (UKOG) has released the independent reserve and resource reports (CPRs) prepared by RPS Energy Consultants for the onshore UK Lidsey and Brockham Fields operated by Angus Energy.

Angus Energy owns 70% of the Lidsey Field and 80% of the Brockham Field. UKOG has a 6% ownership interest in Angus Energy and therefore an indirect net attributable interest of 4.2% and 4.8% in the fields, respectively.

A new reserve and resource report will be commissioned after drilling has commenced at both fields. The Brockham side-track well is due to start in March, and Lidsey-2 well in April and May.

UKOG chairman David Lenigas said: "There is a combined 13 million barrels (gross) of contained oil within these two conventional oil fields south of London and UKOG is anticipating solid production from both the Brockham side-track well and Lidesy-2 well planned for the first half of this year, after which we could expect a significant increase in 2P reserves for the Fields."

RPS concluded that the CPRs have been prepared in accordance with the Society of Petroleum Engineers (SPE) Standard and they calculate the reserves and resources with an effective date of 31 December 2013.

No gas reserves or resources are included in the reports, which set out the reserves and resources on a gross basis and a net basis.