After a nine day absence, I am now back to post some updates for several stocks which I have been following:
UKOG just announced that its exploration licence of Horse Hill Development which is due to expire in September 2015, has been renewed for another year. The expiry date of the licence is now 30 September 2016.
In addition to that, subject to the approval of relevant authorities, Horse Hill Development will have a potential production period of 19 years.
UKOG has also revealed that the Oil In Place at the Portland Sandstones has now increased to 21 million barrels from 20 million barrels.
It is expected that a flow test will be done in the later half of the year.
These are excellent news. Further news which will have an impact on UKOG include:
1)The Kimmeridge Clay structure at the Isles of Wight which NUTECH is presently analysing.
2) The estimate of the Oxford and Lias structures at Horse Hill which NUTECH is also presently assessing.
These two factors could provide further boost to the share price if it is revealed that these structures carry significant Oil In Place.
My disclosure: I am Long UKOG
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