A well targeting the onshore Horse Hill Prospect in the UK's Weald Basin near Gatwick Airport is expected to spud in July 2014 now that construction work has begun on the site, partners in the Horse Hill-1 well announced Monday.
Solo Oil said drilling of the well would begin next month and that it would target a number of conventional, stacked oil targets in Jurassic-aged reservoirs as well as possible gas in the Triassic layer. The plan is to drill the well to a depth of 8,512 feet.
The Horse Hill Prospect is located within the PEDL 137 license, which covers an area of 38 square miles in the Weald Basin in Surrey, England. The trap being targeted is a seismically-defined tilted horst structure, similar to the Palmers Wood oilfield that lies about 13 miles to the northeast.
Solo Executive Director Neil Ritson commented in a company statement:
"The imminent well site construction marks an important milestone in the Horse Hill-1 well and the next few months will be an exciting period for Solo and the partners in Horse Hill Development."
Stellar Resources Chairman David Lenigas added in a separate statement:
"The breaking of ground at the Horse Hill Prospect marks the start of a potentially exciting era for Stellar Resources and the Horse Hill Development partners."
Solo has a binding agreement in place that will give it a 10-percent interest in Horse Hill Development Ltd – a special-purpose company that owns a 65-percent stake in and operatorship of the Horse Hill Prospect. Stellar Resources and UK Oil & Gas have similar agreements that will give them each a 7.5-percent interest in Horse Hill Development.
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