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Don't have an account? Click here to register.Horse Hill oil in place estimates almost trebled
Tue, 19th Jul 2016 12:02
(ShareCast News) - The Horse Hill project in Surrey looks like providing a bonanza for the range of AIM-listed companies involved after a near trebling of oil in place estimates to 22.9m barrels per square mile.As announced in March, the final HH-1 test of the upper Portland pay zone flowed at a constrained stable dry oil rate of 323 barrels of oil per day.The Portland was produced at maximum pump capacity and "showed no clear indication of depletion".The companies involved said it was likely that the rate can be further increased using a higher capacity downhole pump during the next planned test. They also reiterated that the calculated oil in place should not be regarded recoverable resources, contingent or prospective resources or reserves.The testing has provided the "necessary technical encouragement" to engage Barton Wilmore, a UK planning and environmental assessment firm, to prepare an application to Surrey County Council, and to assist with obtaining necessary permissions from the Environment Agency, for a significant appraisal programme.Horse Hill Developments operates the project and holds a 65% stake with Magellan Petroleum controlling the remaining 35%.Horse Hill Developments has several shareholders: UK Oil & Gas 30%, Alba Mineral Resources 15%, Stellar Resources and Solo Oil 10%, Regency Mines, 5% stake, and Evocutis 2%.
More News
30 Apr 2014 14:29
Evocutis Half-Year Loss Widened Ahead Of Move To Investment Company
LONDON (Alliance News) - Evocutis PLC Wednesday posted a widened pretax loss for the half-year ended January 2013, and subsequently transitioned into an investment company in March. During the half-year the company made all of its operational staff redundant, and it opted to discontinue its
Read more26 Feb 2014 15:19
UK MIDDAY BRIEFING: ITV Punished For Not Paying Out More
LONDON (Alliance News) - ITV reported higher profits and revenues for 2013 and gave a bullish outlook for 2014, but has seen its shares punished Wednesday after it failed to increase its special dividend. The television company raised its total dividend for 2013 to 3.5 pence, from 2.6 pence
Read more26 Feb 2014 12:24
UK WINNERS & LOSERS: Contrarian Price Moves For ITV And Weir Shares
LONDON (Alliance News) - The following stocks are the leading risers and fallers within the main London indices midday Wednesday.
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FTSE 100 - WINNERS
Weir Group, up 6.5%. Despite reporting a fall in profit and revenue fo
26 Feb 2014 10:04
Evocutis Slides As It Finally Sells Assets To Venn Life Sciences
LONDON (Alliance News) - Evocutis PLC saw its shares slide by a third Wednesday after it finally sold its assets after months of talks, leaving it as an investment shell. In a statement, Evocutis said it had sold all the intellectual property rights for its Labskin product and SYN1113 inves
Read more28 Jan 2014 12:23
UK MIDDAY BRIEFING: Osborne Sticks To Brief Despite GDP Growth
LONDON (Alliance News) - UK Chancellor George Osborne again pledged to stick with the government's policy track Tuesday, as new figures showed the economy expanded at the fastest rate since the financial crisis last year but has still not fully recovered from the recession.
Latest g
28 Jan 2014 10:48
UK WINNERS & LOSERS: Carnival Jumps On Positive Read Across
LONDON (Alliance News) - The following stocks are the leading risers and fallers within the main London indices midday Tuesday.
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FTSE 100 - WINNERS
Carnival, up 3.1%. Numis has upgraded Carnival to Buy from Hold, increasing its target pr
28 Jan 2014 08:50
Evocutis Shares Up 27% As It Closes In On Sale Of Assets
LONDON (Alliance News) - Shares in Evocutis PLC were trading up 27% Tuesday after it said that it expects discussions over the sale of its technology and assets to be concluded within three months, as it continued its efforts to negotiate a sale for its intellectual property. The company sa
Read more28 Oct 2013 15:02
3 Oct 2013 11:39
2 Oct 2013 08:27
Evocutis shares plunge as sale process is terminated
Evocutis, an AIM-listed company focused on evaluations of skincare products, said Wednesday that it was no longer in discussions with potential offers in relation to a merger or a sale. As such, it has terminated its formal sale process with immediate effect. The firm said that as a result of the
Read more