Last checked at 4 Sep 2014 14:00
4 September 2014
Stellar Resources plc
("Stellar Resources" or "the Company")
Increase in Horse Hill Acreage Holding
Stellar Resources plc (AIM: STG) is pleased to announce that as a direct result of the commencement of drilling operations at Horse Hill on 2 September 2014, Horse Hill Developments Ltd ("HHDL") now additionally owns a 65% participating interest in the adjacent United Kingdom Petroleum Exploration and Production Licence (PEDL) 246.
The 43.58 km2 (10,769 acre) PEDL 246 is immediately east of and adjacent to the 99.29 km2 (24,525 acre) Horse Hill PEDL 137 located in Surrey, where the Horse Hill-1 well is currently being drilled.
The transfer of the 65% interest in PEDL 246 to HHDL from Magellan Petroleum (UK) Limited, a subsidiary of Magellan Petroleum Corporation, is conditional only on gaining final approval from UK Secretary of State for Energy and Climate Change.
Horse Hill Developments Ltd ("HHDL"), is a special purpose company with a 65% operating interest in PEDL's 137 and 246 in the Weald Basin to the north of Gatwick Airport in Surrey.
Stellar Resources has binding agreements in place to own a direct 10% interest in HHDL.
The participants in the PEDL's 137 and 246 are HHDL (65%) and Magellan Petroleum Corporation (35%).
David Lenigas, the Company's Chairman, commented:
"The spudding of the Horse Hill-1 well has secured the HHDL consortium a further 43 km2 of prospective acreage in this important part of the Weald Basin, a basin well known for its conventional oil and gas reservoirs."
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Enquiries:
Stellar Resources plc David Lenigas, Executive Chairman Donald Strang, Finance Director Ed McDermott, Operations 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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