Business
re Horse Hill Oil Discovery
re Horse Hill Oil Discovery.
About this update from Corcel Plc
[{"type":"text","content":"\n \nRNS Number : 1726W Regency Mines PLC 07 February 2017 \n\nREGENCY MINES PLC\n(\"Regency\" or the \"Company\")\nPortland Oil in Place Upgraded \nand Initial Reported Contingent Resources, Horse Hill Oil Discovery, UK\n \n7 February 2017\n \nRegency Mines plc notes, further to the announcements of 5th July, 19th July, and 17th October 2016, an announcement made today by UK Oil and Gas Investments plc relating to Horse Hill Development Limited (\"HHDL\") and the Horse Hill oil discovery in block PEDL137 of the Weald Basin in the southern UK.\n \nThe announcement concerns an upgrade of the Portland Sandstone oil in place at Horse Hill and the initial reporting of contingent resources at that level.\nComment\nAndrew Bell, Chairman, comments \"These new calculations are an encouraging development. The path to production remains subject to regulatory delay, and we must never forget that this project is in the densely populated south of England where new projects are quite properly subject to long scrutiny before being approved, but the probabilities of a production decision continue to increase. We now look forward to receiving consents for long term production testing of the Portland and other, more significant, horizons later this year\". \nHH-1 Oil Discovery, Location and Company Interest\nThe HH-1 oil discovery well is located within onshore UK exploration Licence PEDL137, on the northern side of the Weald Basin near Gatwick Airport. HHDL holds a 65% interest in PEDL137 and is the licence's operator. Regency has a 5% ownership of HHDL which represents a 3.25% working interest in PEDL137.\n \nFor further information, please contact: \nAndrew Bell 0207 747 9960 Chairman Regency Mines Plc\nScott Kaintz 0207 747 9960 &...