LONDON (Alliance News) - The companies behind the Horse Hill oil project near Gatwick Airport on Wednesday said the well drilled on the site resumed flowing oil earlier this week but has been plugged temporarily for a pressure test.
The well flowed for seven and a half hours on Monday at an average of 838 barrels per day and was shut-in on Tuesday for a 12-hour pressure build-up test.
"The well continues to perform above management's expectations. We look forward to testing the overlying Portland shortly," said Stephen Sanderson, the chairman of UK Oil & Gas Investments PLC, which owns a 30% stake in Horse Hill Developments Ltd, the joint venture handling drilling at the project.
Horse Hill Developments owns a 65% stake in the project, with the rest held by Magellan Petroleum Corp.
Alba Mineral Resources PLC holds a 15% interest whilst Doriemus PLC, Stellar Resources PLC and Solo Oil PLC each hold 10% stakes in Horse Hill Developments. Regency Mines PLC holds a 5% stake and Evocutis PLC holds a smaller a 2% stake.
UK Oil & Gas Investments shares were down 0.9% on Wednesday morning. Alba shares were down 0.4%, Stellar Resources shares were flat, and Solo Oil shares were down 2.2%.
Regency Mines shares were down 5.6%, while Evocutis shares were down 5.5%.
Doriemus shares are currently suspended, and the company will soon de-list from AIM and move its shares to the ISDX market.
By Sam Unsted; samunsted@alliancenews.com; @SamUAtAlliance
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