Shares in UK Oil and Gas dropped by more than 35% this afternoon following the company’s announcement of possible formation damage at its Broadford Bridge oil exploration well and the prospect of drilling another sidetrack.
UK Oil and Gas Investments Plc announced this morning it was not seeking a time extension of an exploration licence, off the south west coast of the Isle of Wight.
A planning application for oil production at the Horse Hill exploration site near Gatwick Airport will be submitted in spring 2018, according to UK Oil and Gas, one of the leading companies behind the project.
Flow testing for oil at the Broadford Bridge exploration site is now underway, UK Oil & Gas plc announced this afternoon.
UKOG has announced that it drilled a mechanical sidetrack to its exploratory oil well at Broadford Bridge in West Sussex, confirming DrillOrDrop’s report published yesterday. The company made the announcement in a formal RNS statement to investors, 10 days after the 3,000+ft sidetrack was spudded.
UK Oil & Gas Investments has described early results from its oil exploration well at Broadford Bridge in West Sussex as “highly positive and ground-breaking”.
The company exploring for oil at Broadford Bridge in West Sussex announced this morning it had received permission to flow test the well.
