UK Oil & Gas Investments (UKOG) said that a study has calculated a gross best estimate of 15.7 billion bbl of oil in place (OIP) to lie in three Jurassic shale and interbedded limestone tight oil plays underlying the company’s license areas in the Weald Basin. Reservoir intelligence firm Nutech reported that a net OIP estimate of 3.9 billion bbl is attributable to UKOG’s eight license interests in the basin in southern England. OIP calculations are not reserves estimates. Further study is needed to assess the recoverability of oil from the basin and the rate of recovery.
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