24th Sep 2014 12:17
LONDON (Alliance News) - The resources companies behind the Horse Hill project in the Weald Basin in the UK said Wednesday that drilling operations at the Horse Hill-1 well were continuing successfully.
Doriemus PLC, Alba Mineral Resources PLC, Regency Mines PLC, UK Oil & Gas Investments PLC, Stellar Resources PLC and Solo Oil PLC all said drilling at the site is continuing successfully and said the Marriott 50 rig is drilling ahead at a depth of 116 feet measured depth.
The companies are all stakeholders in Horse Hill Developments Ltd, a special purpose vehicle which owns a 65% participating interest in the Horse Hill licence. UK Oil & Gas Investments owns a 20% stake in the vehicle, with Doriemus, Stellar and Solo all holding 10% stakes and Regency and Alba owning 5% stakes.
Horse Hill-1 is to be drilled to a total depth of 8,680 feet in order to test a number of conventional oil and gas targets on the site.
"Horse Hill Developments Limited has successfully installed the heavy drilling rig and the well is proceeding towards the first conventional oil objectives in the Jurassic. We look forward to updating the market with any significant news as the well progresses," said David Lenigas, Chairman of Stellar Resources.
UK Oil & Gas Investments shares were down 0.7% to 1.515 pence on Wednesday; Doriemus shares were up 0.3% to 0.198 pence; Stellar shares were up 11.5% to 1.115 pence; Solo Oil shares were up 1.4% to 0.999 pence; Regency shares were up 8.2% to 0.46 pence; and Alba shares were up 6.4% to 1.25 pence.
By Sam Unsted; [email protected]; @SamUAtAlliance
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