Uk Oil & Gas Share News (UKOG)

(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%.