LONDON (Alliance News) - The participants in the Horse Hill prospect in Surrey on Wednesday reported a further analysis undertaken on the site has increased the potential oil pay.
UK Oil & Gas Investments PLC said testing on the Horse Hill-1 well carried out by NUTECH, located in the Weald Basin, has identified a further 407 net feet of potential oil pay calculated from electric logs within limestones and claystones in the Kimmeridge Clay, Oxford Clay and Middle Lias formations.
The extra oil pay is in addition to the previously-reported 102 feet of Portland sandstone gross oil pay, UK Oil & Gas said.
UK Oil & Gas Investments holds a 30% stake in Horse Hill Developments Ltd, which owns a 65% stake in the prospect. The remaining 35% is held by Magellan Petroleum Corp.
Doriemus PLC, Stellar Resources PLC and Solo Oil PLC each hold 10% stakes in Horse Hill Developments, while Alba Mineral Resources is in the process of increasing its stake in the prospect to 10% with the acquisition of a 5% stake from Regency Mines. The balance is owned by Angus Energy, in which UK Oil & Gas has a 6% stake.
"The additional 250 geochemical analyses confirm that the HH-1 well penetrated a very thick section of world class, thermally mature, oil saturated source rocks in the Kimmeridge section encasing the Kimmeridge limestones and we look forward to receiving NUTECH's further rock sample analyses and the resultant final log interpretation in the coming few weeks," said UK Oil & Gas Chief Executive Stephen Sanderson.
By Sam Unsted; samunsted@alliancenews.com; @SamUAtAlliance
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