LONDON (Alliance News) - Solo Oil PLC, Stellar Resources PLC, Doriemus PLC and UK Oil & Gas Investments PLC all saw their shares rise early Monday after saying that the operators of the Horse Hill oil and gas prospect in the Weald Basin near Gatwick Airport had stared building the site for the Horse Hill-1 well and expect to start the actual well in July.
Solo Oil and Doriemus both have binding agreements in place to own a direct 10% interest in Horse Hill Development Ltd, a special purpose company that owns a 65% participating interest and operatorship of the Horse Hill Prospect. Stellar Resources and UK Oil & gas both have binding agreements to own a direct 7.5% interest in Horse Hill Development.
The Horse Hill-1 well is scheduled to be completed by the end of August 2014, testing conventional stacked oil targets at the Portland sandstone, Corallian sandstone and Great Oolite limestone levels.
The current owner of the site, Magellan Petroleum Corp, previously estimated 87 million barrels of mean recoverable resources in the levels with an additional 164 billion cubic feet of mean recoverable prospective gas resources in the deeper Triassic play.
Horse Hill Development holds a 65% participating interest in the site, while the remaining 35% interest in the site is held by Magellan Petroleum Corp.
Stellar Resources was up 20% at 0.69 pence early Monday, the second-biggest rise on AIM, while Solo Oil was also among the biggest gainers, up 13.2% at 0.3 pence. UK Oil & Gas Investments was up 13.1% at 0.82 pence, while Doriemus was up 6.9% at 0.175 pence.
By Steve McGrath; stevemcgrath@alliancenews.com; @SteveMcGrath1
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