5 Jul 2016 07:00
Regency Mines Plc
("Regency" or the "Company")
Horse Hill Licenses Update
05 July 2016
Regency Mines Plc the natural resource development and investment company with interests in oil and mineral exploration, announces an update on license extensions for its investment in Horse Hill ("HH").
Horse Hill - PEDL137 and PEDL246: At the Operator Horse Hill Developments Ltd's election, the licences will adopt 2016 14th Round licence terms permitting the HH Licences to continue without further relinquishment. A Retention Area ("RA") covering the entire 55 square mile licence area and an outline work programme has been agreed with the Oil and Gas Authority. The RA will continue throughout the agreed work programme period currently due to expire on June 30, 2018 for PEDL137 and June 30, 2017 for PEDL246. The HH Licences forward work plan includes long-term production testing of 3 Kimmeridge Limestone zones plus the overlying Portland, two contingent appraisal/development wells and 3D seismic.
Regency currently holds a 5% interest in Horse Hill Development Limited, the investment company developing the Horse Hill exploration project near Gatwick Airport in the UK.
Andrew Bell, Regency Chairman, comments: "The successful conversion of these licenses ensures that the Horse Hill work plan can continue on schedule with the Portland and Kimmeridge Limestone appraisal effort being the current focus. Retaining the entirety of the current licenses means the consortium can maximize the value of its findings and ultimately develop the area to its full potential without threat of obligatory reductions.
Horse Hill continues to be a key investment for Regency and we look forward to extended flow test results that will determine potential commercial production rates. With multiple development avenues on offer we expect Horse Hill to help drive Regency's value forward in the coming months."
For further information contact:
Andrew Bell 0207 747 9960 Chairman Regency Mines Plc
Scott Kaintz 0207 747 9960 Executive Director Regency Mines Plc
Roland Cornish/Rosalind Hill Abrahams 0207 628 3396 NOMAD Beaumont Cornish Limited
Jason Robertson 0129 351 7744 Broker Dowgate Capital Stockbrokers Ltd.