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Horse Hill Update - Upgrade to Portland OIP
Horse Hill Update - Upgrade to Portland OIP.
About this update from Corcel Plc
[{"type":"text","content":"\n \nRNS Number : 5306E Regency Mines PLC 19 July 2016 \n\n \nRegency Mines Plc\n(\"Regency\" or the \"Company\")\n \nHorse Hill Update - Upgrade to Portland Oil in Place\n \n19 July 2016\n \nRegency Mines Plc (\"Regency\" or the \"Company\"), the natural resource development and investment company with interests in oil and mineral exploration, announces an update on its investment at Horse Hill in the Weald Basin, UK. \n \nHighlights\n \no Petrophysical Analysis Increases Total Portland Horizon Oil in Place from 7.7 to 22.9 million barrels (\"MMbbl\") per square mile \no Petrophysical Model Revised Including Dry Oil Test Observations and Measurements\no Portland Flow Rates Expected to Increase Using Higher Capacity Pump\no Barton Wilmore to be Commissioned to Prepare and Submit Planning Application for Appraisal Program at Horse Hill\no Program will Seek to Test 3 Kimmeridge Limestone Zones Plus Portland for up to 360 Days, Drill Two Additional Appraisal Wells, and Acquire Additional 3D Seismic Data\n \nAndrew Bell, Regency Chairman, comments: \"The revised Nutech analysis has encouraging implications for potential recovery percentages and commercial viability. The economic potential of the Portland sandstone horizon appears much greater than previously thought.\nThe Company anticipates that significant volumes of oil lying in the different horizons within the licence may be capable of production at commercial rates.\nWe look forward to the planned long term flow testing.\"\nPortland Oil in Place Upgrade\n \nA new petrophysical analysis by Nutech incorporating the findings of the successful Horse Hill-1 (\"HH-1\") flow test, demonstrates a threefold increase in calculated total oil in place (OIP) per square mile at the HH-I well within the Upper Portland pay zone. As reported in May 2015 a total Horse Hill Portland P50 OIP of 21 MMbbl was calculated utilising Nutech's petrophysical analyses. Nutech's May 2015 evaluation assigned a Portland OIP value of 7.7 MMbbl per square mile at the HH-1 well. Nutech's current evaluation upgrades the Portland OIP at HH-1 to 22.9 MMbbl per square mile, a 200% increase. \n \nAs previously announced in March, the final HH-1 Portland test flowed at a constrained stable dry oil rate of 323 barrels of oil p...