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LONDON (Alliance News) - Alba Mineral Resources PLC and UK Oil & Gas PLC said Tuesday that total aggregate production from the Horse Hill oil field has reached a landmark figure of 50,000 barrels of oil.
Shares in Alba Mineral Resources were up 6.4% at 0.23 pence, while UK Oil & Gas shares were 1.4% lower at 0.99p on Tuesday.
UK Oil & Gas holds a 51% majority interest in Horse Hill, an oil and gas project in the UK Weald Basin, while Alba holds 12%.
The project's total aggregate test production now stands at 50,871 barrels of oil. The Portland area produced 25,777 barrels to date, while the deeper Kimmeridge produced 25,094 barrels.
Portland oil has continued to be produced at over 220 barrels a day, through a modest pressure drawdown.
Portland test production is set to continue until the second half of June, once final site preparations for simultaneous Portland drilling and Kimmeridge production operations will begin.
Preparations will include switching test production to the deeper Kimmeridge oil pool, with logistic and administrative arrangements for the drilling rig to be completed later in the week.
"The Horse Hill Portland continues to produce strongly and consistently under modest pressure draw downs, delivering over half of the landmark 50,871 barrels test production to date. With the much awaited simultaneous HH-2/2z Portland horizontal drilling and HH-1 Kimmeridge test campaign fast approaching, the remainder of the year at Horse Hill now promises to be truly exciting and potentially transformational for both Horse Hill and UKOG," said Stephen Sanderson, chief executive of United Oil & Gas.
