UK Oil & Gas plc has reported a near two-thirds increase in reserves at the Horndean onshore oil joint venture, 10 miles north of Portsmouth in Hampshire.
VALUE
A new reserves report for operator Star Energy Group plc assessed and compared the field’s remaining reserves at the end of 2024 with the end of 2023.
Results showed a 62% increase in proven (1P) reserves to 1.5 million barrels, with UKOG net 0.150 mmbbl based on its 10% interest
Proven plus probable (2P) reserves rose by 55% to 1.65 mmbbl while proven probable plus probable plus possible reserves (3P) rose by 53% to 1.82 mmbbl.
UKOG said that the increase was a direct result of increased field performance through recent well workovers and new electric pumps in mid-2023.
“We are delighted that the Horndean field’s materially increased performance has now been fully reflected in an equally material increase in assessed reserves,” added chief executive Stephen Sanderson.
“The resultant increased asset value, even at current Brent prices, is most welcome.”