Business
Drilling commences at Horse Hill
Drilling commences at Horse Hill.
About this update from Primorus Investments Plc
[{"type":"text","content":"\n \nRNS Number : 6746Q Stellar Resources PLC 03 September 2014 \n \n\n3 September 2014\n \nStellar Resources plc\n(\"Stellar Resources\" or \"the Company\")\n \nDrilling commences at Horse Hill\n \nStellar Resources plc (AIM: STG) is pleased to announce that drilling operations on the Horse Hill-1 well have now commenced.\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.\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. Stellar Resources has binding agreements in place to own a direct 10% interest in HHDL.\nThe participants in the Horse Hill Prospect are HHDL (65%) and Magellan Petroleum Corporation (35%).\nDavid Lenigas, the Company's Chairman, commented:\n\"This is an exciting time for the Company as we embark on this well that will not only test a number of conventional oil formations, but will be one of the first wells drilled in this part of the Weald Basin to test for the potential for conventional gas in the deeper Triassic formations.\"\n \n-END-\nEnquiries:\n \n\n\n\n\nStellar Resources plc\nDavid Lenigas, Executive Chairman\nDonald Strang, Finance Director\nEd McDermott, Operations Director\n \n\n\n \n+44 (0) 20 7440 0640\n\n\n\n\nCairn Financial Advisers LLP:\nJames Caithie / Paul Trendell\n \nPublic Relations:\nSquare 1 Consulting Ltd\nDavid Bick/Mark Longson\n\n\n \n+44 (0) 20 7148 7900\n \n+44 (0) 20 7929 5599\n \n\n\n\n\n \n\nThis information is provided by RNSThe company news service from the London Stock Exchange END DRLEAXNAEDKLEFF\n ","length":3985,"tagName":"div"}]