UK Oil and Gas gears up to drill for oil at Arreton in 2020
UK Oil and Gas Plc (UKOG) has announced full steam ahead for drilling operations near Arreton on the Isle of Wight. Representatives visited the site close to Gore Basin, between Arreton and Merstone, on Sunday ahead of the planned 2020 start.
Warm welcome from the Isle of Wight
The oil giant took to Twitter, reporting a “supportive, warm welcome” from locals during their visit. The company is keen to press forward with what could be a major oil find.
Huge oil pockets lie beneath
The Arreton conventional oil discovery reportedly contains three stacked Jurassic oil pools, with an estimated 127 million barrels (P50 oil in place). UKOG CEO Stephen Sanderson said last month the company now holds a significant 14.9 million barrels of net recoverable resources from the site under Licence PEDL331.
Drilling scheduled for early 2020
Sanderson added: “The first Arreton appraisal well, Arreton-3, is set to be drilled, cored and tested in the first quarter of 2020. Once tested, we’ll move on to the larger Arreton South exploration prospect.
We look forward to kicking off the journey to unlock the Isle of Wight’s conventional oil potential.”
