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LONDON (Alliance News) - UK Oil & Gas PLC and Alba Mineral Resources PLC on Wednesday said that the Horse Hill-1 well achieved a significant milestone after producing 25,000 barrels of oil to date.
Horse Hill Developments Ltd, the operator of the Horse Hill oil field, told the two companies that sustained production has continued to be maintained from the HH-1 extended well test programme.
UK Oil & Gas owns a 46.7% stake in the licence while Alba Mineral has an 11.8% interest.
Of the total, over 21,000 barrels have been produced from the Kimmeridge Limestone oil pool, the firms explained.
No formation water has been returned to surface during the entire well test. Meanwhile, dry oil and solution gas production is continuing.
UK Oil & Gas Chief Executive Officer Stephen Sanderson said: "The continued well test success supports the company's plans to establish permanent production at Horse Hill in 2019. UK Oil & Gas aims to deliver near-continuous oil production throughout 2019 via a combination of long term testing of HH-1 and two new wells, followed by a smooth transition into permanent production in the winter. The potentially transformative effect of a successful programme is an exciting prospect for 2019."
Shares in UK Oil & Gas were trading down 1.8% at 1.179 pence while Alba Mineral shares were trading down 1.6% at 0.30p.
