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LONDON (Alliance News) - The companies involved in the Horse Hill prospect in Surrey, England Thursday said the Horse Hill 1 well in the Weald basin has total oil in place of 158.0 million barrels of oil per square mile.
US-based NUTECH Ltd made the estimation, but said this excludes the upper portland sandstone oil discovery that was previously-reported at 102 feet of Portland sandstone gross oil pay.
UK Oil & Gas Investments holds a 30% stake in Horse Hill Developments Ltd, which owns a 65% stake in the prospect. The remaining 35% is held by Magellan Petroleum Corp.
Doriemus PLC, Stellar Resources PLC and Solo Oil PLC and Alba Mineral Resources PLC each hold 10% stakes in Horse Hill Developments, and the balance is owned by Angus Energy, in which UK Oil & Gas has a 6% stake.
The report said the 158.0 million barrels per square mile lies within a 653 feet aggregate net pay section.
"In order to establish estimates of total oil in place within the licence area, the semi-regional resource potential of the Weald basin's eastern footprint is the subject of ongoing analysis under the contracted alliance between Nutech, UK Oil and Gas and Solo Oil. The results of the estimated oil in place within the licence will be reported when completed," said UK Oil and Gas Chief Executive Stephen Sanderson.
The news saw shares of all companys involved significantly rise on Thursday morning as UK Oil shares rose 62.8% to 1.80 pence per share, Doriemus shares leapt 60% to 0.132 pence, Stellar Resource shares rose 50.6% to 0.640 pence, Alba shares were up 104.4% to 0.736 pence and Solo Oil shares climbed 30.2% to 0.755 pence per share. All were among the best performers in the AIM All-Share.
By Joshua Warner; joshuawarner@alliancenews.com; @JoshAlliance
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