Last checked at 8 Feb 2016 07:00
Stellar Resources plc
("Stellar Resources" or the "Company")
Horse Hill-1 Oil Discovery, Weald Basin, UK
Flow Test Operations Commence
Stellar Resources (AIM: STG, ISDX: STG) announces that it has been notified by Horse Hill Developments Limited ("HHDL") that operations have now commenced at the Horse Hill site to conduct the extended flow test over three separate zones in the Horse Hill-1 ("HH-1") oil discovery well.
As previously reported, the extended flow test is designed to test both the oil bearing Upper Portland sandstone and two Kimmeridge limestones beneath the Portland.
The HH-1 well, drilled at the end of 2014, is located within onshore exploration Licence PEDL137, on the northern side of the Weald Basin near Gatwick Airport, in which Stellar Resources owns a 6.5% interest.
Stellar Resources' interest in Horse Hill:
The HH-1 well is located within onshore exploration Licence PEDL137, on the northern side of the Weald Basin near Gatwick Airport. Stellar Resources owns a 10% direct interest in HHDL. HHDL is a special purpose company that owns a 65% participating interest and operatorship of Licence PEDL137 and the adjacent Licence PEDL246 in the UK Weald Basin.
For further information please contact:
Stellar Resources plc: +44 (0) 20 7440 0640
Alastair Clayton
Nominated Adviser:
Cairn Financial Advisers LLP +44 (0) 20 7148 7900
James Caithie / Sandy Jamieson
Broker:
Optiva Securities Limited +44 (0) 20 3137 1902
Christian Dennis / Jeremy King
Public Relations:
Square1 Consulting +44 (0) 20 7929 5599
David Bick / Mark Longson
Glossary
discovery | a discovery is a petroleum accumulation for which one or several exploratory wells have established through testing, sampling and/or logging the existence of a significant quantity of potentially moveable hydrocarbons |
extended flow test | a flow test, as per the permission granted by the Oil and Gas Authority, with an aggregate flow period duration over all zones of greater than 96 hours and up to 90 days maximum. |
flow test | a flow test or well test involves testing a well by flowing hydrocarbons to surface, typically through a test separator. Key measured parameters are oil and gas flow rates, downhole pressure and surface pressure. The overall objective is to identify the well's capacity to produce hydrocarbons at a commercial flow rate |
limestone | a sedimentary rock predominantly composed of calcite (a crystalline mineral form of calcium carbonate) of organic, chemical or detrital origin. Minor amounts of dolomite, chert and clay are common in limestones. Chalk is a form of fine-grained limestone |
sandstone | a clastic sedimentary rock whose grains are predominantly sand-sized. The term is commonly used to imply consolidated sand or a rock made of predominantly quartz sand. |