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Share Price: 0.0575

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'Excellent' Horse Hill flow rate results impress AIM quintet

Fri, 03rd Aug 2018 12:31

(Sharecast News) - Horse Hill's testing results at the Portland reservoir in the UK's Weald Basin on Friday implied equivalent rates of 401 and 414 barrels of oil per day, beating 2016 results.The maximum rate recorded at the site, which saw testing take place over two periods of six and two hours, was limited by the rod pump's maximum rate capacity of approximately 470 bopd, with a higher capacity rod pump now sourced and mobilised.Stakeholders in activities at Horse Hill include AIM traded firms UK Oil and Gas (UKOG), which holds a 32.435% beneficial interest, Solo Oil, which holds a 9.75% interest, Alba Mineral Resources, which has an 11.765% interest, Gunsynd, which holds a 1.3% interest, and Primorus Investments, a 3.25% interest.Each company holds its effective interest through investment in Horse Hill Developments Limited, which has a 65% interest in the project.Stephen Sanderson, UKOG's chief executive, said: "The excellent short-term high rate test results, combined with pressure build up data, provide further confidence that the next phases of the Portland test can deliver both an optimal sustainable long-term flow rate and deliver the primary objective of confirming the Portland's commercial viability."The next step will see flow optimisation efforts conducted in order to determine the maximum sustainable long-term flow rate and a 'lengthy stabilised flow period' will access a commercially viable oil volume.Neil Ritson, Solo Oil's chairman, said: "It should be stressed, however, that these rates are not the long-term sustainable rates of production from the well on which commerciality will be based and that Portland testing operations are continuing. Tests of the Kimmeridge Limestones are also to follow and the EWT (extended well test) program is expected to continue for a further 4 months."At 1626 BST UKOG's shares were up 8.61% at 1.96p, Solo's shares were unchanged at 2.35p, Alba Mineral's shares were up 2.16% at 0.52p, Gunsynd's shares were down 2.77% at 0.03p and Primorus' shares were down 1.81% at 0.15p.

More News

24 May 2024 15:54

UK shareholder meetings calendar - next 7 days

Monday 27 May
no events scheduled
Tuesday 28 May
Apollon Formularies PLC	EGM re withdrawal from Aquis
Diversified Energy Co PLC	GM
TMT Investments PLC	AGM
Wednesday 29 May
B&M European Value Retail SA	AGM
Biome Technologies PLC	AGM
Frenkel Topping Group PLC	AGM
Glencore PLC	AGM
Ilika PLC	GM re equity raise
Integrated Diagnostic Holdings PLC	AGM
Smarttech247 Group PLC	AGM
Watchstone Group PLC	AGM
Xaar PLC	AGM
Thursday 30 May
Aferian PLC	AGM
Ashtead Technology Holdings PLC	AGM
Bodycote PLC	AGM
Endeavour Mining PLC	AGM
Ferguson PLC	EGM re merger agreement
Kelso Group Holdings PLC	AGM
Learning Technologies Group PLC	AGM
LifeSafe Holdings PLC	GM re retail offer
Mast Energy Developments PLC	AGM
National World PLC	AGM
One Media iP Group PLC	AGM
RM Infrastructure Income PLC	AGM
Friday 31 May
AG Barr PLC	AGM
Alba Mineral Resources PLC	AGM
Bushveld Minerals Ltd	GM re sale of Vanchem
Frenkel Topping Group PLC	AGM
Genedrive PLC	GM re share placing and open offer
Old Mutual Ltd	AGM
Pulsar Group PLC	AGM

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15 May 2024 18:38

TRADING UPDATES: Vertu Motors ups dividend as hails record revenue

(Alliance News) - The following is a round-up of updates by London-listed companies, issued on Wednesday and not separately reported by Alliance News:

15 May 2024 13:05

Alba reports better-than-expected waste tip gold findings

(Sharecast News) - Alba Mineral Resources announced the successful extraction of high-grade gold from samples obtained during the trenching programme at the historic waste tip within its wholly-owned Clogau-St David's Gold Mine in North Wales on Wednesday.

8 May 2024 11:39

EARNINGS: International Biotechnology bullish; Andrews Sykes profit up

(Alliance News) - The following is a round-up of earnings for London-listed companies, issued on Wednesday and not separately reported by Alliance News:

7 May 2024 13:47

EARNINGS AND TRADING: Solid State and MTI Wireless win deals

(Alliance News) - The following is a round-up of earnings and trading updates by London-listed companies, issued on Tuesday and not separately reported by Alliance News:

2 Apr 2024 19:33

EARNINGS AND TRADING: Alba Mineral finds gold targets at Dolgellau

(Alliance News) - The following is a round-up of earnings and trading updates by London-listed companies, issued on Tuesday and not separately reported by Alliance News:

28 Mar 2024 10:28

TRADING UPDATES: Develop North net asset value down amid rising rates

(Alliance News) - The following is a round-up of updates by London-listed companies, issued this week and not separately reported by Alliance News:

22 Mar 2024 16:10

Alba reports progress at Clogau-St David's Gold Mine

(Sharecast News) - Alba Mineral Resources updated the market on its activities at the Lower Llechfraith workings within the Clogau-St David's Gold Mine in north Wales on Friday, and advancements across the broader Dolgellau Gold Belt.

22 Mar 2024 13:41

IN BRIEF: Alba Mineral to start sampling of Llechfraith gold target

Alba Mineral Resources PLC - northern Europe-focused mineral explorer - Will start sampling of the Llechfraith Target and trenching of the Clogau waste tip at its 100% owned Clogau-St David's gold mine in north Wales. Adds that processing and interpretation of the airborne geophysical survey undertaken over its key regional gold targets continues, with results expected from the first survey site, Clogau, at some point next week.

23 Feb 2024 08:59

TRADING UPDATES: Plant Health eyes Mexico Saori launch; NARF wins deal

(Alliance News) - The following is a round-up of earnings and trading updates by London-listed companies, issued this week and not separately reported by Alliance News:

7 Feb 2024 14:34

GreenRoc says Greenland law change will accelerate Amisoq project

(Alliance News) - GreenRoc Mining PLC on Wednesday said that a recent change to Greenland's mining laws would expedite exploitation licencing for its Amitsoq graphite project.

18 Jan 2024 19:42

TRADING UPDATES: Coro Energy strikes finance deal in Vietnam

(Alliance News) - The following is a round-up of updates by London-listed companies, issued on Thursday and not separately reported by Alliance News:

22 Dec 2023 14:36

IN BRIEF: Alba Mineral Resources gains de-watering permits in Wales

Alba Mineral Resources PLC - northern Europe-focused mineral explorer - Natural Resources Wales grants permission for formal variations to existing discharge and abstraction permits. This will enable Alba to de-water the Lower Llechfraith workings, the principal gold target at its Clogau-St David's gold mine in north Wales "at significantly higher rates" of up to 250 cubic metres per day.

12 Dec 2023 12:14

IN BRIEF: UK Oil & Gas gets extension for Horse Hill oil field work

UK Oil & Gas PLC - London-based exploration and production company focused on UK and Turkey - Says the UK North Sea Transition Authority has granted a one-year extension to the PEDL137 retention area work programme at its Horse Hill oil field in southern England until September 30, 2025. Adds that work programme now fully corresponds to the farm-in programme agreed with Pennpetro Energy PLC announced on Monday.

11 Dec 2023 11:38

Pennpetro and UK Oil & Gas agreed extension of Horse Hill farm-in deal

(Alliance News) - Pennpetro Energy PLC and UK Oil & Gas PLC on Monday said they have agreed to extend their conditional agreement for Pennpetro to farm-in to the Horse Hill oil field in southern England.

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