According to UKOG’s estimates, the amount of most likely oil initially in place (OIIP) is 40 million barrels in the Portland target and 76.5 million barrels in the Triassic Sherwood target.
The analyses also highlights that the most likely gross gas initially in place (GIIP) for the Triassic Sherwood is 197 billion standard cubic feet of gas.
UKOG CEO Stephen Sanderson said: "The Isle of Wight, and particularly the M Prospect, represents an exciting part of UKOG’s growing core exploration growth portfolio here in the UK. The M Prospect is well defined, drill-ready and may represent the Weald-Wessex basin’s largest undrilled conventional Portland trap and one of the provinces second or third largest undrilled conventional Triassic traps.
"The Triassic offers potentially high quality and substantial net reservoir thicknesses, not usually associated with the Weald-Wessex basin outside of the giant Wytch Farm field. If successful, the M Prospect has company maker impact for UKOG. "
UKOG operates the prospect with a 77.5% stake in it. It has recently increased its ownership through purchases from Egdon (E&P) and Montrose Industries. Magellan Petroleum owns the remaining stake.
