LONDON (Alliance News) - Shares in the oil and gas companies involved in the Horse Hill project in the Weald Basin, southern England, will resume trading on Friday after they received a report from oil services company Schlumberger Ltd which upgrades the oil in place estimate for the project.
UK Oil & Gas Investments PLC, Evocutis PLC, Stellar Resources PLC, Solo Oil PLC, Doriemus PLC and Alba Mineral Resources PLC said on Friday that Schlumberger has estimated a gross overall oil in place for the Jurassic section of the Horse Hill-1 well of approximately 271 million barrels of oil per square mile.
A total of 255 million barrels gross oil in place is situated within the tight limestone and mudstone plays of the Kimmeridge, Oxford Clay and Lias. The balance is in the Upper Portland Sandstone discovery previously announced.
The 255 million barrel estimate for the tight limestone and mudstone plays compares to the oil in place estimate the companies received in April from Nutech Ltd, which estimated the total oil in place at 158 million barrels per square mile.
The companies said the estimates should not be construed as recoverable resources or reserves.
The owners of the exploration PEDL137 licence near Gatwick Airport, which was subject to controversy earlier this year over the amount of oil that has been discovered there, are Horse Hill Developments Ltd with a 65% stake and Magellan Petroleum Corp with 35%.
UK Oil and Gas Investments holds a 30% stake in Horse Hill Developments, whilst Doriemus, Stellar Resources, Solo Oil and Alba Mineral Resources each hold 10% stakes in Horse Hill Developments, with Evocutis holding a 2% stake and the balance is owned by Angus Energy, in which UK Oil & Gas has a 6% stake.
By Sam Unsted; samunsted@alliancenews.com; @SamUAtAlliance
Copyright 2015 Alliance News Limited. All Rights Reserved.
