Last checked at 24 Sep 2014 13:00
24 September 2014
Stellar Resources plc
("Stellar Resources" or "the Company")
Drilling Update, Horse Hill-1, Weald Basin UK
Stellar Resources plc (AIM: STG) today confirms that drilling operations on the Horse Hill-1 well are continuing successfully and the Marriott 50 rig is now drilling ahead at a depth of 116 feet measured depth ("MD") today at 12:00 hours. Current rate of drill penetration is 30 feet an hour.
The Horse Hill-1 well is located on the northern side of UK Weald Basin near Gatwick Airport and is planned to drill to a Total Depth ("TD") of 8,680 feet MD to test a number of conventional oil and gas targets.
The surface casing has been cemented at a depth of 84 feet below ground level and the well is now being drilled in 17 1/2 -inch hole to the next casing point at about 1,865 feet MD, where a 13 3/8-inch casing will be installed and cemented before drilling on.
The primary oil reservoir targets in this well lie in the JurassicPortland Sandstone and the Corallian Sandstone. There are also a number of secondary oil targets in the Jurassic aged formations, including the Great Oolite Limestone. After penetrating the Jurassic the well will be drilled to TD in order to test for Triassic aged formations, which are expected to contain gas.
Stellar Resources owns a 10% direct interest in Horse Hill Developments Ltd ("HHDL"). HHDL is a special purpose company that owns a 65% participating interest and operatorship of onshore licences PEDL137 and the adjacent licence PEDL 246 in the UK Weald Basin. The participants in the Horse Hill-1 well are HHDL with a 65% working interest and Magellan with a 35% interest.
David Lenigas, the Company's Chairman, commented:
"Horse Hill Developments Limited has successfully installed the heavy drilling rig and the well is proceeding towards the first conventional oil objectives in the Jurassic. We look forward to updating the market with any significant news as the well progresses."
Glossary:
MD - measured depth
TD - total depth
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Enquiries:
Stellar Resources plc David Lenigas, Executive Chairman Donald Strang, Finance Director
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+44 (0) 20 7440 0640 |
Cairn Financial Advisers LLP: James Caithie / Paul Trendell
Public Relations: Square 1 Consulting Ltd David Bick/Mark Longson |
+44 (0) 20 7148 7900
+44 (0) 20 7929 5599
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