UK Oil & Gas reaches "significant milestone" in Markwells Wood project

14th Sep 2015 15:45

(ShareCast News) - UK Oil & Gas Investments said a new report for the Markwells Wood oil field in the Weald Basin indicates the site has a contingent resource of 1.2m barrels of oil.In a short statement issued on Monday, the London-listed company said the report was an "important milestone" for the company, as it strengthens its belief that the site, which is located in the PEDL126 licence area in the Weald Basin near Gatwick Airport, can be successfully developed."I now look forward to testing and refining our new view of Markwells Wood's production potential with the proposed MW-1ST development well as soon as the necessary regulatory consents are in place," said group chairman Stephen Sanderson.The field is 100%-owned by the company and it is adjacent to the producing Horndean Field, in which UK Oil & Gas has a 10% stake, and south-east of the of the Horse Hill discovery, a project at which the group collaborates with a host of different companies.Shares in UK Oil & Gas were down 3.50% to 1.74pat 1552 BST on Monday.