Several firms with a stake in the UK onshore Horse Hill prospect announced Wednesday that drilling has begun on the Horse Hill-1 well.
The Horse Hill-1 well in the Weald Basin will be drilled to a total depth of 8,680 feet. It is designed to test a number of conventional, stacked oil targets in the Jurassic lawyer in proven productive Portland sandstone, Corallian sandstone and Great Oolite limestone formations, as well as a deeper conventional gas target in the Triassic layer.
Horse Hill Developments Ltd holds a 65-percent operating interest in the PEDL 137 license that contains the Horse Hill prospect
David Lenigas, chairman at Stellar Resources and UK Oil & Gas Investments which hold stakes in Horse Hill Developments, commented in a company statement:
"This is an exciting time for the company as we embark on this well that will not only test a number of conventional oil formations, but will be one of the first wells drilled in this part of the Weald Basin to test for the potential for conventional gas in the deeper Triassic formations."
Solo Oil Executive Director Neil Ritson added:
"We are very pleased that drilling operations are now underway on this exciting prospect that has both oil and gas targets that have proved to be productive for oil elsewhere in the basin. The next few weeks will be an exciting phase for this investment."
Solo Oil has an agreement in place to own a 10-percent interest in Horse Hill Development. Alba Mineral Resources, UK Oil & Gas Investments and Stellar Resources have agreements to hold five percent, 20 percent and 10 percent stakes respectively.
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