Horse Hill Companies Request Share Suspensions

LONDON (Alliance News) - The companies involved in the Horse Hill project in Surrey, England, all have released statements prior to the market open Thursday saying their shares have been suspended upon request, citing their interests in the license as the reason.

The owners of the exploration PEDL137 license 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 PLC, Stellar Resources PLC, Solo Oil PLC and Alba Mineral Resources PLC each hold 10% stakes in Horse Hill Developments, with Evocutis PLC holding a 2% stake and the balance is owned by Angus Energy, in which UK Oil & Gas has a 6% stake.

None of the companies released any further information regarding the suspension early Thursday.

The PEDL137 license caused a stir earlier this year when the companies revealed test results showing that there was 158.0 million barrels per square mile of oil in place over a 653 feet aggregate net pay section, which led to the media such as Sky and the BBC reporting that there was potentially 100.0 billion barrels of oil at the project, more than has been produced from the UK North Sea.

Although the companies never confirmed this 100.0 billion barrel figure in any statements, UK Oil and Gas Chairman David Lenigas was quoted in the Evening Standard newspaper backing the 100.0 billion barrel figure, causing the company to release a second statement that said more work needed to be completed on the project before any official figures could be calculated.

The companies extended the Horse Hill license in May by one year, which eased concerns about the license which was set to expire at the end of September 2015. The companies plan to conduct a flow test on the well but need the necessary permits to do so.

By Joshua Warner; joshuawarner@alliancenews.com; @JoshAlliance

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