UKOG Upgrades Horse Hill Volumes
Junior explorer UK Oil and Gas Investments plc (UKOG) announced Monday a substantial upgrade to volumes discovered at its Horse Hill-1 (HH-1) and Collendean Farm-1 (CF1) structures on the PEDL137 onshore license area of the Weald Basin, southern England.
UKOG CEO Stephen Sanderson commented in a company statement:
"The Xodus Report supports the company's view that the Horse Hill and Collendean Farm oil pool constitutes a significant conventional Upper Portland Sandstone oil discovery in the Weald basin."
Neil Ritson, the chairman of Solo Oil, which is a partner in PEDL137, added in a separate statement:
"This report from Xodus clearly supports Solo's existing view that there is a worthwhile sized, and potentially commercial, discovery in the conventional sandstone reservoirs in the Upper Portland at Horse Hill."
UKOG holds an interest in the PEDL137 license via a 31.3-percent stake in Horse Hill Developments (HHDL), which in turn owns a 65-percent stake in PEDL137. Solo holds a 10-percent interest in HHDL.
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