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(Alliance News) - UK Oil & Gas PLC and Alba Mineral Resources PLC on Tuesday reported progress from the Horse Hill oil field in Surrey following recent drilling.
UK Oil holds an 86% stake in Horse Hill and Alba has a 12% interest.
UK Oil Chief Executive Stephen Sanderson said: "The Horse Hill-2 pilot continues on schedule and according to plan. We look forward to the imminent coring programme, the data from which will ensure the HH-2z horizontal is optimally positioned within the reservoir, a key step towards delivering flow rates significantly in excess of the Horse Hill-1 vertical discovery well."
The stakeholders of the Surrey asset said a 12-and-a-half inch diameter hole was drilled at the Horse Hill-2 Portland Pilot well. A casing has now been set from the surface to 2,019 feet below the rig floor, the companies added.
After installation and testing blowout preventers, which are expected to be completed on Tuesday, an eight-and-a-half inch diameter hole will be drilled.
The Horse Hill-2 well is one of two new horizontal wells in the field's Portland oil section. UK Oil added that the well is to be "retained as a future production well", with flow rates estimated to be significantly higher than the 362 barrels of oil per day expected from the Horse Hill-1 vertical Portland discovery well.
Shares in UK Oil were 1.7% higher at 1.09 pence in London on Tuesday morning with Alba's stock trading 5.3% lower at 0.18p each.
By Eric Cunha; ericcunha@alliancenews.com
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