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UKOG: PEDL234 Broadford Bridge licence extension, Weald Basin, UK

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Oilfield Technology,

UK Oil & Gas Investments PLC has announced that it has been informed by Kimmeridge Oil & Gas Limited ("KOGL"), that the Oil and Gas Authority has extended the licence term of its 100% owned PEDL234 licence ("Licence") from 30 June 2018 until 31 December 2023. KOGL is a wholly owned subsidiary of UKOG.

The Licence will now be converted to the 14th Licence Round Master Clauses Agreement which permits a Retention Area ("RA") covering the entirety of the 300 km2 Licence area to be created.

The agreed RA work programme comprises:

Drilling of two further Kimmeridge Limestone ("KL") step-out exploration wells in two new sites in the central area of the Licence. One well will also appraise the potentially significant Godley Bridge-1 Portland gas discovery.

In the event of a commercial discovery, drill and flow test an appraisal well or sidetrack. Note that a sidetrack to the BB-1 discovery would fulfil this commitment.

Following completion of the drilling programme and in the event of a commercial discovery, acquire 50 km of 2D seismic data and submit a Field Development Plan to OGA.

Stephen Sanderson, UKOG's Executive Chairman, commented:

"This key five-year plus licence extension will enable the Company to drill its two planned new Kimmeridge exploration wells in the deepest and most oil generative Kimmeridge section of the Weald Basin. Locations for both wells, situated between the Horse Hill oil discovery to the north and the BB-1/1z and Balcombe-1 discoveries to the south, have been selected and the regulatory permitting process is underway to enable drilling in 2019. A further BB-1y sidetrack also remains very much on the cards."

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