Project Profile
Location: offshore and onshore transition area along the south-west coast of the Isle of Wight, UK
Area: 2,400-2,700 acres
Reserves: 40 million barrels (MMbbl), 76.5 MMbbl and gross gas initially in place of 197 billion standard cubic feet of gas
Production: 76.5 MMbbl of oil and 197 bcf of gas
The M prospect is a project which is based offshore and onshore, however the licence that holds most of the M prospect is the offshore licence P1916. Although the majority of that prospect lies offshore, it does extend into the new licence which would allow the operator and its partners to drill the M prospect onshore rather than offshore - which is easier and cheaper to do. The operator of the project is UK Oil and Gas Investments PLC who stated in March 2015 that the M Prospect contains significant mapped prospective oil in place within the conventional Portland and Triassic sections. Both P1916 and the onshore acreage contain other leads and prospects. The Company\'s initial calculations of most likely unrisked gross oil initially in place (\'OIIP\') for the main prospective Portland Limestone and Triassic Sherwood Sandstone reservoir objectives, the same formation that hosts the giant Wytch Farm oil reserves, are 40 million barrels (MMbbl) and 76.5 MMbbl respectively. A gas only case for the Triassic Sherwood shows a most likely gross gas initially in place (\'GIIP\') of 197 billion standard cubic feet of gas (\'bcf\').
As per UKOG\'s RNS of 29 October 2014, UKOG applied and won in the UK 14th Landward Licence Round for a 200 sq. km area covering the southern part of onshore Isle of Wight. UKOG\'s interest in this application is 65%. Angus Energy Limited has an interest of 5% (operator) and Solo Oil Plc has an interest of 30%. UKOG is a 6% shareholder of Angus Energy Limited.
Operators:
Offshore Licence P1916
UK Oil and Gas Investments PLC: Operator with 100% interest
Isle of Wight
Angus Energy Limited: Operator with 5% interest
UK Oil and Gas Investments PLC: 65% interest
Solo Oil Plc: 30% interest
Contractors:
Subcontractors: