UK Oil & Gas Announces Significant Horndean Production Increase
Why we think this is good
The RNS announcement indicates that UK Oil & Gas has achieved a significant increase in production at its Horndean field, with January 2025 production up 60% compared to the prior year and a 24% increase in forecast 2025 annual production. This demonstrates improved field performance and reduced decline, which are positive indicators for the company's operations.
Key Points
- January 2025 production averaged 200 barrels of oil per day, 60% higher than January 2024
- 2025 annual field production forecast to be 61,195 barrels, a 24% increase over 2024
- 2024 total field production outperformed the budget forecast by 11%
- Workovers and new electric pumps have improved field performance and reduced decline
Summary
UK Oil & Gas PLC has announced a significant increase in production at its Horndean field, with January 2025 output up 60% year-on-year and a 24% rise in forecast 2025 annual production. The company attributes the improved performance to a successful workover campaign and the installation of new electric pumps. Additionally, 2024 production exceeded the budget by 11%. These positive operational developments suggest the Horndean field continues to be a valuable asset in the company's portfolio.