UK Oil & Gas (LSE:UKOG)

[DrillaHill]

Schlumberger upgrades estimates by 70% to 271.4 mmbo/square mile,

(earlier estimates suggested ~158 mmbo/square mile)

Independent Assessment of Horse Hill-1 Well

UK Oil & Gas Investments PLC (LSE AIM: UKOG) announced today that Schlumberger, one of the leading suppliers of technology, integrated project management and information solutions to customers working in the global oil and gas industry, has independently assessed the petrophysics of Horse Hill-1 well ("HH-1"), located in PEDL137 in the Weald basin near to London Gatwick Airport. UKOG (the Company) has a net attributable interest of 20.358% in PEDL137.

The report, entitled Petrophysical Evaluation of the Horse Hill-1 Well, estimates an overall Oil in Place ("OIP") for the Jurassic section of the well to be 271.4 million barrels of oil ("MMBO") per square mile. The total OIP comprises 16.2 MMBO per square mile for the conventional Upper Portland Sand reservoir discovery and 255.2 MMBO per square mile solely for the tight limestone and mudstone plays of the Kimmeridge, Oxford Clay and Lias. The OIP hydrocarbon volumes estimated should not be construed as recoverable resources or reserves.

PETROPHYSICAL EVALUATION OF THE HORSE HILL-1 WELL - SCHLUMBERGER (pdf)

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