UK Oil & Gas Investments PLC
Corporate Presentation • November 2014
Acquisition of Northern Petroleum (GB) Limited, NP Solent
Limited and NP Weald Limited
AIM: UKOG
Disclaimer
This presentation is being made on behalf of UK Oil & Gas Investments PLC (the “Company”). This presentation has not been approved
for issue as a financial promotion for the purposes of section 21 of the Financial Services and Markets Act (2000) (“FSMA”).
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updating, revision, verification and amendment, and refer to events as having occurred which have not occurred at the date of this
presentation, but which are expected to happen in the future. This presentation does not constitute a recommendation regarding the
securities of the Company.
No reliance may be placed for any purpose whatsoever on the information contained in this presentation or on its completeness. No
representation or warranty, express or implied, is given by the Company or its advisors or their representative directors, officers,
employees, agents or advisors as to the accuracy, fairness, sufficiency or completeness of the information, opinions or beliefs contained in
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Corporate Presentation • November 2014 • www.ukogplc.com
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Qualified Persons’ Statement
The information contained in this presentation has been reviewed and approved by Matt Cartwright, Business
Advisor and Stephen Sanderson, Exploration Advisor to UK Oil & Gas Investments PLC.
Mr. Cartwright has over 31 years of relevant experience in the oil industry. He is a UK Chartered Engineer
and a member of the Society of Petroleum Engineers.
Mr. Sanderson has over 33 years of relevant experience in the oil industry. He is a Fellow of the Geological
Society of London and is an active member of the American Association of Petroleum Geologists.
In this presentation, the estimates of reserves for Horndean and Avington and Contingent Resources for
Baxters Copse, have been extracted without material amendment or adjustment (other than the calculation of
net attributable interest), from the Competent Person’s Report (independent reserves evaluation, “CPR”)
prepared by Senergy (GB) Limited (“Senergy”), dated July 2014, and which has been provided to UKOG by
IGas, the operator. The Senergy CPR is available at the following publicly available link:
http://www.igasplc.com/media/10852/competent-persons-report-2014.pdf
Senergy confirmed in its CPR that in respect of the Standard used in reporting the information, Senergy had
used the definitions and guidelines set out in the 2007 Petroleum Resources Management System prepared
by the Oil and Gas Reserves Committee of the Society of Petroleum Engineers (SPE) and reviewed and
jointly sponsored by the World Petroleum Council (WPC), the American Association of Petroleum Geologists
(AAPG) and the Society of Petroleum Evaluation Engineers (SPEE).
Corporate Presentation • November 2014 • www.ukogplc.com
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UKOG’s NOP UK Acquisition - Summary
UK Oil & Gas Investments PLC (“UKOG”) has acquired the entire issued share capital of Northern Petroleum
Plc’s (“NOP”) wholly-owned UK subsidiaries: Northern Petroleum (GB) Limited (“NPGBL”), NP Solent Limited
(“NPSL”) and NP Weald Limited (“NPWL”). These companies have been renamed, respectively, UKOG (GB)
Limited, UKOG Solent Limited and UKOG Weald Limited.
The aggregate base consideration payable by UKOG to NOP is £1,500,000:
-  £1,311,999 for NPGBL, £1 for NPSL and £188,000 for NPWL
-  UKOG had an option to elect to pay up to £500,000 of the consideration in new UKOG ordinary shares,
but this option has been waived
The effective date of the transaction is 23 July 2014; completion was on 17 October 2014.
UKOG’s new subsidiaries have interests in five UK licences, four onshore and one offshore:
-  PL 211, Weald Basin, containing the Horndean onshore producing oil field, UKOG 10%, IGas operator
-  PEDL 070, Weald Basin, containing the Avington onshore producing oil field, UKOG 5%, IGas operator
-  PEDL 233, Weald Basin, containing the Baxters Copse onshore oil discovery, UKOG 50%, IGas operator
-  PEDL 126, Weald Basin, containing the Markwells Wood onshore oil discovery, UKOG 50% and operator
-  P 1916, Wessex Basin, an offshore exploration licence, located SW of the Isle of Wight, UKOG 65% and
operator
NOP recently relinquished three further UK onshore licences:
- PEDL 155, PEDL 240, PEDL 256
Corporate Presentation • November 2014 • www.ukogplc.com
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Location of UKOG’s UK Licences
Source: NOP, July 2014 Corporate Presentation • November 2014 • www.ukogplc.com
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PL 211, Horndean Oil Field
History/Description
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UKOG 10% interest, IGas operator
Located in Hampshire, close to the Singleton and Storrington oil fields
Discovered in 1983, commenced production in 1987
Seven wells drilled to date into the Jurassic, Great Oolite reservoir
Produced oil is 39°API, transported by truck to the nearby Holybourne Oil Terminal.
Production
-  Gross production peaked at 670 barrels per day (“bopd”) in 1993
-  IGas’ 2014/15 forecast for production, from four wells, is around 150 bopd (gross)
-  Gross cumulative production totals 2.39 million barrels (“mmbbl”, at 23 July 2014), Source: IGas’ weekly
production reports
-  Production is expected to continue for a further 33 years (Source: Senergy CPR July 2014, Table 2.21).
Reserves
-  IGas’ most recent CPR on Horndean was prepared by Senergy in July 2014, with an effective date of 1
January 2014
-  With IGas’ consent, UKOG has published below Horndean’s reserves, which have been extracted without any
material amendment or adjustment from the Senergy CPR
-  Senergy’s estimates of Horndean’s gross reserves are provided below in Table 1, for the three cases of
Proven (“1P”) reserves, Proven plus Probable (“2P”) reserves and Proven plus Probable plus Possible (“3P”)
reserves
-  Net attributable reserves has been calculated by UKOG management based on the Company’s 10% interest in
the Horndean licence
-  Since 1 January 2014, actual Horndean gross production has been 0.031 mmbbl
-  On the basis that the economic parameters used by Senergy in their CPR still remain unchanged, UKOG’s
management calculation of its net attributable (10%) reserves at 23 July 2014 as reduced by production are:
1P 0.0686 mmbbl, 2P 0.0825 mmbbl, 3P 0.1112 mmbbl.
Corporate Presentation • November 2014 • www.ukogplc.com
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PL 211, Horndean Oil Field
Table 1: Estimated Horndean Reserves (Source: Senergy CPR July 2014, Section 2.4.7, p19)
Note: In accordance with Appendix 3 of the AIM Note for Mining and Oil and Gas Companies June 2009 the
Company has calculated its net attributable interest which are those reserves attributable to the Company based
on its 10% interest in the Horndean licence
Corporate Presentation • November 2014 • www.ukogplc.com
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Oil Rate (bbl/ day) OR Water Cut (%) 180 2,400,000 160 2,350,000 140 2,300,000 120 2,250,000 100 2,200,000 80 2,150,000 60 2,100,000 40 2,050,000 20 2,000,000 0 Jan-‐12 1,950,000 Apr-‐12 Jul-‐12 Sep-‐12 Dec-‐12 Apr-‐13 Average daily oil (bbls/day) Jul-‐13 Sep-‐13 Water Cut (%) Corporate Presentation • November 2014 • www.ukogplc.com
Dec-‐13 Mar-‐14 Jul-‐14 Cum Oil (bbls) 8
Cumula&ve Oil (bbl) Horndean Produc&on Jan '12 -‐ July '14 200 PEDL 070, Avington Oil Field
History/Description
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UKOG 5% interest, IGas operator
Located in Hampshire, close to the Stockbridge oil field
Discovered in 1987, commenced production in 2007
Five wells and side-tracks drilled to date into the Jurassic, Great Oolite reservoir
Produced oil is 38°API, transported by truck to the Stockbridge oil field.
Production
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Gross production peaked at over 600 bopd in 2007
IGas’ 2014/15 forecast for production, from two wells, is around 60-70 bopd (gross)
Gross cumulative production totals 221,000 barrels, at 23 July 2014, Source IGas’ weekly production reports
Production is expected to continue for a further 7 years (Source: Senergy CPR July 2014, Table 2.18).
Reserves
-  IGas’ most recent CPR on Avington was prepared by Senergy in July 2014, with an effective date of 1 January
2014
-  With IGas’ consent, UKOG has published below Avington’s reserves, which have been extracted without any
material amendment or adjustment from the Senergy CPR
-  Senergy’s estimates of Avington’s gross reserves are provided below in Table 2, for the three cases of 1P
reserves, 2P reserves and 3P reserves
-  Net attributable reserves has been calculated by UKOG management based on the Company’s 5% interest in
the Avington licence
-  Since 1 January 2014, actual Avington gross production has been 0.013 mmbbl
-  Therefore, on the basis that the economic parameters used by Senergy in their CPR still remain unchanged,
UKOG’s management calculation of its net attributable (5%) reserves at 23 July 2014 as reduced by
production are:
1P 0.00135 mmbbl, 2P 0.00250 mmbbl, 3P 0.00560 mmbbl.
Corporate Presentation • November 2014 • www.ukogplc.com
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PEDL 070, Avington Oil Field
Table 2: Estimated Avington Reserves (Source: Senergy CPR July 2014, Section 2.4.2, p16)
Note: In accordance with Appendix 3 of the AIM Note for Mining and Oil and Gas Companies June 2009
the Company has calculated its net attributable interest which are those reserves attributable to the
Company based on its 5% interest in the Avington licence
Corporate Presentation • November 2014 • www.ukogplc.com
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Avington Produc&on July '12 -‐ July '14 100 250000 90 200000 70 60 150000 50 40 100000 30 20 50000 10 0 Jul-‐12 0 Aug-‐12 Oct-‐12 Dec-‐12 Mar-‐13 May-‐13 Average Daily Oil bbls/day Jul-‐13 Sep-‐13 Water Cut (%) Nov-‐13 Jan-‐14 Mar-‐14 May-‐14 Jul-‐14 CumulaMve Oil (bbls) Corporate Presentation • November 2014 • www.ukogplc.com
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Cumula&ve Oil (bbls) Water Cut (%) Average Daily Oil (bbls/day) 80 P1916, Offshore Exploration, Isle of Wight
History/Description
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UKOG 65% interest, UKOG operator
Located offshore, SW of Isle of Wight
The licence was awarded to a bidding group led by NOP in July 2012
In order to extend the licence into a second term, a well has to be drilled by February 2016
If no drilling takes place, the licence will be relinquished (“drill or drop”).
Prospectivity (see following slides)
-  The P1916 licence contains a large drill-ready prospect (“M”) and one lead
-  This prospect and lead contain stacked reservoir objectives in the Triassic Sherwood sandstone and overlying
Jurassic limestones and sandstones
-  2D seismic mapping demonstrates the M prospect extends into the adjacent onshore Isle of Wight.
-  Regional geochemical studies indicate the P 1916 area likely received a hydrocarbon charge from the
immediate south and southwest of the block from thermally mature oil-prone Liassic and Oxford Clay shales
-  UKOG is investigating the possibility that early oil-mature Kimmeridge Clay hot shales might also have directly
charged interbedded Kimmeridge limestones, analogous to the Kimmeridge and Balcombe fields and as
interpreted from the preliminary results of UKOG’s Horse Hill-1 well
-  UKOG has applied (with Angus Energy Limited and Solo Oil plc) for the adjacent onshore acreage in the UK
14th Landward Licencing Round.
Corporate Presentation • November 2014 • www.ukogplc.com
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P1916, Offshore Exploration, Isle of Wight
Trap Types and Prospects (see map)
-  Post-Oligocene age inversion hangingwall anticlines and tilted fault blocks, defined from reprocessed 2D
seismic data; analogous to the Kimmeridge field, 98/11-2 and Southard Quarry discoveries
-  Prospect M exhibits a well defined, 4-way dip anticlinal closure, at Triassic and Jurassic reservoir objectives
-  Most likely Triassic closure is circa 2,200 acres with 325 feet vertical column, likely sealed by in excess of 700
feet of Mercia Mudstones; upside trap closure potential exists via downthrown fault seal against basement.
Identified Reservoir Objectives
-  Primary: Triassic Sherwood Sandstone, as productive in the Wytch Farm field, 98/7-2, 98/11-2, and Southard
Quarry-1 discoveries; nearby Chessel-1, 98/13-1 and Arreton-2 wells to the north indicate a gross Sherwood
sandstone thickness in excess of 300 feet with average porosities between 10-17.5% could be expected
-  Secondary: Jurassic Limestone within: (i) fracture enhanced Kimmeridgian to Callovian age coccolithic
micrites within or overlain by Kimmeridge Clay hot shales, (ii) Portland grainstones as found oil bearing in
nearby Arreton-2, (iii) Osmington (dolomitic) Oolite as found by Arreton-2, (iv) Great Oolite (as found by the
Sandhills wells); minor upsides also exist within Forest Marble, Fullers Earth and Bridport sands.
Hydrocarbon Charge
-  Updip oil in the Portland of Arreton-2, the Great Oolite of Sandhills, plus oil shows in Triassic and Jurassic of
98/13-1, likely indicates Liassic and/or Oxford Clay sourced oil has migrated from SW
-  A 600m gross Lower Liassic shale sequence mapped to the direct south and southwest, possibly analogous to
the rich thermally mature equivalent section of Southard Quarry-1 to the west, is interpreted to contain >100m
of net hot shale and likely reached late peak-oil to wet gas-condensate generation at the time of trap formation
-  Kimmeridge Clay hot shales may also be within the early oil generative window in the south of P 1916.
Corporate Presentation • November 2014 • www.ukogplc.com
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P1916, Offshore Exploration, Isle of Wight
Identified Triassic and Jurassic Prospectivity Map
Triassic Prospect, Lead Jurassic Prospect, Lead Jurassic Oil Discovery UKOG Licence Block M Prospect 98/13-‐1, Triassic and Jurassic oil shows Chessel-‐1 Sandhills-‐1, 2, 2z Arreton-‐1, 2 P1916 Source: UKOG, November 2014 Corporate Presentation • November 2014 • www.ukogplc.com
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PEDL233, Baxters Copse Oil Discovery
History/Description
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UKOG 50% interest, IGas operator
Located in Hampshire, adjacent to the Singleton oil field
Baxters Copse was discovered in 1983, with oil in the Jurassic, Great Oolite reservoir
The licence also contains the Burton Down and Selhurst Park oil prospects
-  The operator plans to drill a Baxters Copse appraisal well in 2015.
Contingent Resources
-  IGas’ most recent CPR on Baxters Copse was prepared by Senergy in July 2014, with an effective date of 1
January 2014
-  With IGas’ consent, UKOG has published below Baxters Copse Contingent Resources, which have been
extracted without any material amendment or adjustment from the Senergy CPR
-  Senergy’s estimates of Baxters Copse Contingent Resources are provided below in Table 3, for the three
cases of Low (“1C”) Contingent Resources, Best (“2C”) Contingent Resources and High (“3C”) Contingent
Resources
-  Baxters Copse is an undeveloped discovery
-  Net attributable Contingent Resources has been calculated by UKOG management based on the Company’s
50% interest in the Baxters Copse licence.
Corporate Presentation • November 2014 • www.ukogplc.com
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PEDL233, Baxters Copse Oil Discovery
Table 3: Estimated Baxters Copse Contingent Resources (Source: Senergy CPR July 2014,
Section 2.4.3, p17)
Note: In accordance with Appendix 3 of the AIM Note for Mining and Oil and Gas Companies June 2009 the
Company has calculated its net attributable interest which are those Contingent Resources attributable to the
Company based on its 50% interest in the Baxters Copse licence
Corporate Presentation • November 2014 • www.ukogplc.com
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PEDL126, Markwells Wood Oil Discovery
History/Description
-  UKOG 50% interest, UKOG operator
-  Located in Hampshire, immediately east of the Horndean oil field
-  Markwells Wood was discovered in 2011, with oil in the Jurassic, Great Oolite reservoir, with a 6-month
extended well test carried out by NOP
-  3,931 barrels was produced during the extended well test, with a peak flow rate of 53 barrels per day
-  The discovery is believed to be an eastern extension of the Horndean oil field
-  The licence also contains the small Chilgrove, Clanfield and Hinton Manor oil discoveries, however, these
discoveries are not considered commercial
-  UKOG will evaluate this discovery, including giving consideration to drilling a side-track of the Markwells Wood
discovery well, in order to appraise the discovery
Contingent Resources
-  No independent Contingent Resources evaluation (CPR) has yet been carried out since the drilling of the
Markwells Wood discovery well (MW-1).
Corporate Presentation • November 2014 • www.ukogplc.com
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Acquisition Summary
A strategic direct entry for UKOG into UK onshore
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UKOG’s NOP acquisition is fully in line with our strategy of establishing and growing a material
presence in the UK onshore conventional oil and gas play
It provides UKOG with direct cash flow, from net production, of around 20 bopd
The NOP Weald Basin assets are located close to UKOG’s existing Horse Hill interest, providing
potential synergies.
Horndean and Avington oil fields
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The Horndean and Avington oil fields are long-life, with a reputable operator and stable, profitable
production
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UKOG anticipates significant future reserves upgrades at both fields, due to consistent, better than
forecast production and stable water cuts.
Offshore Isle of Wight
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The offshore Isle of Wight licence contains a prospect and lead with very significant upside value
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UKOG (with partners) is looking to quickly build on this offshore position.
Baxters Copse and Markwells Wood oil discoveries
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The Baxters Copse and Markwells Wood oil discoveries offer the potential to add significant reserves
and value to UKOG in the future
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Both discoveries are close to the Horndean and Avington oil fields.
Corporate Presentation • November 2014 • www.ukogplc.com
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Contacts
UK Oil & Gas Investments PLC
Princes House, Suite 3B
38 Jermyn Street
London, SW1Y 6DN
T: +44 (0) 207 440 0640