LONDON (Alliance News) - The companies with deals in place to take stakes in Horse Hill Developments Ltd, the operator of the Horse Hill conventional oil prospect near Gatwick airport in Surrey, Thursday said Horse Hill Developments now additionally owns a majority interest in an adjacent oil prospect.
In separate statements, Regency Mines PLC, Solo Oil PLC, Alba Mineral Resources PLC, UK Oil & Gs Investments PLC, Stellar Resources PLC and Doriemus PLC said Horse Hill Developments has taken the stake in Petroleum Exploration and Production License 246 as a direct result of starting drilling operations at the Horse Hill site.
The 65% interest in PEDL 246 was transferred from Magellan Petroleum Corp's UK unit, although it remains conditional on approval by the UK government. Magellan will retain a 35% interest in the license.
Horse Hill Developments began drilling the Horse Hill-1 well earlier this week.
PEDL 246 covers 43.58 square kilometres immediately east of, and adjacent, to the 99.29 square kilometre Horse Hill site.
UK Oil and gas Investments PLC has an agreement in place to own a direct 20% interest in Horse Hill Developments. Solo Oil PLC and Stellar Resources PLC both have agreements to own a direct 10% interest each and Regency Mines PLC and Alba Mineral Resources both have agreements to own a direct 5% interest each. Doriemus has an agreement to own a direct 10% interest.
Solo Oil's shares were up 21.8% to 0.463 Thursday afternoon, whilst Stellar Resources' shares were up 3.6% to 0.777 pence per share. Regency Mines' shares were also up 0.1% to 0.290 pence per share. Alba Mineral's shares were down 5.3% to 0.710 pence per share, with UK Oil and Gas shares down 0.6% to 1.22 pence per share. Doriemus was down 3% to 0.148 pence.
By Joshua Warner; joshuawarner@alliancenews.com; @JoshAlliance
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