Business
Further update on Horse Hill-1 Flow Test
Further update on Horse Hill-1 Flow Test.
About this update from Corcel Plc
[{"type":"text","content":"\n \nRNS Number : 7085Q Regency Mines PLC 02 March 2016 \n\n2 March 2016\nREGENCY MINES PLC\n(\"Regency\" or the \"Company\")\nFurther Update on Horse Hill-1 Flow Test\nSecond Zone Continues flowing Oil at a Rate of 838 Barrels Per Day\n \nFollowing the announcement on 01 March 2016, Regency Mines PLC (AIM:RGM) announces that Horse Hill Developments Limited (\"HHDL\") has informed the Company that the well resumed flowing 100% dry oil from the Upper Kimmeridge Limestone, through a one-inch choke, at an instantaneous rate of 1008 barrels per day (\"bopd\") and continued to flow for a further 7.5 hours from 2234hrs on 29 February at an average rate of 838 bopd. The well was shut in at 0600 01 March for a 12-hour pressure build up test.\n \nAs previously announced, on completion of this Upper Kimmeridge test, operations will move to the shallower Portland sandstone zone at approximately 615 metres below ground level.\n \nAndrew Bell, Regency's Chairman commented: \"The well continues to perform above expectations. We look forward to seeing the test results for the overlying Portland shortly.\" \n \nBackground\nThe HH-1 well is located within onshore exploration Licence PEDL137, on the northern side of the Weald Basin near Gatwick Airport. The exploration drilling phase of the HH-1 discovery well was originally completed at the end of 2014. Regency owns a 5% direct interest in HHDL. HHDL is a special purpose company that owns a 65% participating interest and operatorship of Licence PEDL137 and the adjacent Licence PEDL246 in the UK Weald Basin.\n \nQualified Person's Statement:\nThe technical information contained in this announcement has, for the purposes of the AIM Guidance Note for Mining, Oil and Gas companies has been reviewed and approved by Jonathan Tidswell-Pretorius, Executive director at HHDL and Chairman of Angus Energy Ltd a UK registered onshore operator who has 15 years of relevant experience in the oil and gas industry. Mr. Tidswell-Pretorius is a member of the Society of Petroleum Engineers and United Kingdom Onshore Oil and Gas (UKOOG) industry bodies.\n \nFor further information, please contact: \nAndrew Bell 0207 747 9960 &nbs...