UK Oil & Gas Investments Says Way Clear For Flow Testing At BB-1 Well (ALLISS)

LONDON (Alliance News) – UK Oil & Gas Investments PLC said Monday it has received all the regulatory permissions required for flow testing at its Broadford Bridge-1 exploration well in Susex.

UK Oil & Gas said flow testing will commence once the current rig has vacated the site. Operations are continuing to prepare BB-1 as a potential oil-producing well with a gross perforated interval of 926 feet.

The company has also submitted an application to the West Sussex county council to extend its exploration and testing phase for the well for a year, to September 15, 2018. A decision is expected in September.

Meanwhile, UK Oil & Gas said it will issue 40.6 million shares following an exercise of warrants, receiving GBP325,000 in total proceeds.

“This is a sound investment in the future of BB-1 and is a key necessary step to help us achieve our corporate goal to establish first Kimmeridge production by the end of 2018/early 2019. Operations at BB-1 remain on track,” said Executive Chairman Stephen Sanderson.

Share in UK Oil & Gas Investments closed up 7.6% at 6.05 pence Monday.

By Adam Clark; [email protected]

Copyright 2017 Alliance News Limited. All Rights Reserved.

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