As previously reported in January 2016, Xodus' independent report allocated a gross mean aggregated oil in place of 227 million barrels (MMbbl) to the onshore Arreton oil discovery and associated Arreton South and North satellite prospects. Recoverable gross 2C Contingent Resources were calculated as 15.7 MMbbl, with 10.2 MMbbl net to UKOG. The Company holds a 65% interest in PEDL331.
Arreton site selection and regulatory permitting activities are now underway to permit a planned appraisal drilling campaign in the first half of 2019.
Stephen Sanderson, UKOG's Executive Chairman, commented:
"The Arreton discovery on the Isle of Wight remains a key element of the company's 2018 and 2019 growth strategy and plans. We look forward to working with our partners towards a successful 2019 appraisal drilling campaign."
