LONDON (Alliance News) - The companies with stakes in Horse Hill Developments Ltd, the operator of the Horse Hill conventional oil prospect near Gatwick airport in Surrey, Thursday said that drilling at the Horse Hill-1 well has continued as planned.
In separate statements, Regency Mines PLC, Solo Oil PLC, Alba Mineral Resources PLC, UK Oil & Gas Investments PLC, Stellar Resources PLC said that a 20-inch surface cashing has been set successfully at 84 feet below ground level.
Additionally, UK Oil and Gas, Solo Oil and Stellar Resources Chairman David Lenigas has been appointed chairman of Horse Hill Developments.
Magellan Petroleum Corp has confirmed that it will not proceed with its option to acquire additional logs beyond those required for the conventional targets in the Horse Hill-1 well, meaning that the company will able able to complete the well on schedule in about six weeks.
UK Oil and Gas Investments binding agreements to acquire a 20% interest in the company have been converted into a definitive agreement, as were Solo Oil, Stellar Resources, and Doriemus' agreements for a 10% interest, and Regency Mines and Alba Mineral Resources' agreements for 5%.
"I am pleased to have been appointed as the Chairman of Horse Hill Developments Ltd, to lead and represent the interests of all consortium members in this promising conventional oil and gas well," Lenigas said in a statement. "I am particularly pleased with the support we have received from our partners, government authorities and the local community."
Shares in UK Oil and Gas is trading up 3.5% at 1.50 pence, Regency Mines is trading up 6.8% at 0.454 pence, Alba Mineral is trading down 7.1% at 1.04 pence, Stellar Resources is trading up 5.4% at 1.08 pence, Doriemus is trading up 8.5% at 0.217 pence and Solo Oil was trading up 15.5% at 0.970 pence Thursday afternoon.
By Hana Stewart-Smith; hanassmith@alliancenews.com; @HanaSSAllNews
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