Business
Drilling begins at Horse Hill
Drilling begins at Horse Hill.
About this update from Corcel Plc
[{"type":"text","content":"\n \nRNS Number : 6761Q Regency Mines PLC 03 September 2014 \n \n\nFor Immediate Release\n3 September 2014\n \nRegency Mines PLC\n(\"Regency\" or the \"Company\")\n \nDrilling begins at Horse Hill\n \nRegency Mines PLC (AIM: RGM) is pleased to announce that drilling operations on the Horse Hill-1 well have now commenced.\n \nThe Horse Hill-1 well is planned to be drilled to a Total Depth (\"TD\") of 2,646 metres (8,680 feet) and is designed to test for a number of conventional stacked oil targets in the Jurassic, as well as a deeper conventional gas target in the Triassic.\n \nThe operator, Horse Hill Developments Ltd (\"HHDL\"), is a special purpose company with a 65% operating interest in the PEDL 137 license in the Weald Basin to the north of Gatwick Airport in Surrey. Regency has binding agreements in place to own a direct 5% interest in HHDL and holds an additional 0.628% interest by virtue of its 12.56% ownership in Alba Mineral Resources PLC (\"Alba\"). Alba also has binding agreements in place to own a direct 5% of HHDL.\n \nThe participants in the Horse Hill Prospect are HHDL (65%) and Magellan Petroleum Corporation (35%).\n \nAndrew Bell, the Company's Chairman, commented:\n \n\"After a few weather delays we spud at Horse Hill to test one of the largest onshore targets to be drilled for many years. It has taken fifty years of endeavour and appraisal to follow up the first well drilled on the edge of this target. The risk-reward on the Horse Hill-1 well is great on the oil alone, as we test a number of conventional oil formations, but the well will also test for potential conventional gas in the deeper Triassic formations which, if discovered, might be of still greater significance.\"\n \nAbout Horse Hill:\n \nThe 99.29 km2 (24,525 acre) Horse Hill Petroleum Exploration and Development Licence No. 137 (PEDL 137) (\"Horse Hill\") is located in Surrey, a few miles from Gatwick Airport\n \nThe Horse Hill Prospect OOIP and OGIP and prospective resources are summarised in Table 1.\n \nTable 1: Horse Hill Prospect estimated OOIP, OGIP and Prospective Resources.\n \n\n\n\n\nTarget Reservoir\nOil\n\n\nOOIP\nUpside Potential (MMSTB)\n\n\nOOIP\nMean (MMSTB)\n\n\nProspective Resources\nMean (MMSTB )\n\n\n\n\nUpper Portland Sandstone\n\n\n116\n\n\n57\n\n\n17\n\n...