LONDON (Alliance News) - Horse Hill Developments Ltd, a joint venture company set up to develop the Horse Hill well and PEDL 137 licence in the UK's Weald basin and owned by several AIM-listed companies, said Wednesday that it has been granted final approvals from the UK Environmental Agency to start drilling the Horse Hill-1 well.
Co-investors in Horse Hill Developments are Alba Mineral Resources PLC, Regency Mines PLC, Angus Energy Ltd, Solo Oil PLC, Doriemus PLC, Stellar Resources PLC and UK Oil & Gas Investments PLC.
Alba Mineral Resources shares were up 25.2% to 0.814 pence, Regency Mines shares were down 10.8% to 0.281 pence, Solo Oil shares were up 1.4% to 0.294 pence, Doriemus shares were up 0.9% to 0.174 pence, Stellar Resources shares were up 11.0% to 0.777 pence, and UK Oil & Gas Investments shares were down 1.6% to 0.960 pence on Wednesday.
The Horse Hill-1 well is planned to test several conventional stacked oil and gas targets in the proven productive Portland Sandstone, Corallian Sandstone and Great Oolite Limestone levels at the well.
In July, the Horse Hill group said the UK Department of Energy and Climate Change gave it formal notification that the Secretary of State had granted the transfer and apportionment of rights of 65% of licence PEDL 137 from Magellan Petroleum Ltd to the joint venture.
The DECC also informed the group at the time that the Secretary of State had granted approval for the appointment of Horse Hill Developments as exploration operator of Licence PEDL 137.
On Wednesday, the Chairman of Stellar Resources and UK Oil & Gas Investments David Lenigas said that completion of site construction at the Horse Hill project has been delayed due to heavy weather but he expects drilling to start at the well shortly.
By Tom McIvor; tommcivor@alliancenews.com; @TomMcIvor1
Copyright 2014 Alliance News Limited. All Rights Reserved.