UK Oil & Gas Investments (UKOG) said its initial subsurface analyses of the P1916 offshore licence on the Isle of Wight confirms the potential for significant un-risked hydrocarbon volumes within the M Prospect.
The M Prospect is located in the offshore and onshore transition area, along the southwest coast of the Isle of Wight.
It features two main reservoir objectives that include the main prospective Portland Limestone, and the Triassic Sherwood Sandstone.
The Portland Limestone is estimated to contain 40 million barrels of oil on an un-risked gross oil initially in-place basis, while the Triassic Sherwood Sandstone is estimated to hold 76.5 million barrels.
UKOG is now working on volumetric estimates for further identified reservoir objectives, which include limestones within the Kimmeridge Clay Formation.
The company said a gas-only case for the Triassic Sherwood shows a gas initially in place estimate of 197 billion standard cubic feet.
UKOG CEO Stephen Sanderson said: "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 province’s 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."
UKOG operates and holds a 77.5% net attributable interest in the P1916 licence. The company has submitted an application for the onshore portion in the UK Landward 14th Licence Round, which would see it take a 65% interest in the area.