UK Oil and Gas Plc say they are going ‘full speed ahead’ towards beginning their drilling operations for oil at Arreton in 2020.
Representatives of UKOG were on the Isle of Wight yesterday (Sunday) where they visited the drill sites near to Gore Basin, between Arreton and Merstone.
The drilling giant has taken to Twitter to say that they received a ‘supportive, warm welcome’.
As previously reported by Island Echo, the Arreton conventional oil discovery is said to contain 3 stacked Jurassic oil pools with an aggregate gross P50 oil in place of 127 million barrels.
Stephen Sanderson, UKOG’s Chief Executive, commented last month:
“We are delighted to acquire this further substantial share of the Arreton oil discovery, giving the Company a material 14.9 million barrels of net attributable discovered PEDL331 recoverable resources.
“The first Arreton appraisal well, Arreton-3, is now scheduled to be drilled, cored and tested in the first quarter of 2020, with the drilling of the larger look-alike Arreton South exploration prospect planned to follow after completion of Arreton-3 flow testing. We look forward to starting the journey towards realising the Isle of Wight Licence’s considerable conventional oil resource potential.”