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Drilling Update, Horse Hill-1, Weald Basin UK
Drilling Update, Horse Hill-1, Weald Basin UK.
About this update from Primorus Investments Plc
[{"type":"text","content":"\n \nRNS Number : 4876U Stellar Resources PLC 16 October 2014 \n \n\n16 October 2014\n \nStellar Resources plc\n(\"Stellar Resources\" or \"the Company\")\n \nDrilling Update, Horse Hill-1, Weald Basin UK\nStellar Resources plc (AIM: STG) today advises that the Horse Hill-1 well has now been drilled to the third casing point at 6,612 feet measured depth (\"MD\"), and will now be electrically logged through the observed reservoir sections. Electronic logging and full interpretation of these logs is expected to take approximately one week.\nThe depth of the third casing point was deepened from the previously announced 5,900 feet to 6,612 feet MD due to a number of reservoir targets being identified slightly deeper and thicker than expected.\nOn completion of the detailed logging, it is planned that a 9 5/8-inch casing will be set prior to drilling in an 8 ½-inch hole to a total depth (\"TD\") of approximately 8,680 feet MD in order to test for deeper Triassic aged formations where further electric logs will be acquired.\nAs previously announced, oil shows from mud logging have been identified in the Portland Sandstones and additionally oil shows, mineral fluorescence and elevated gas readings of C1 through to C5 have been detected whilst drilling the well to the current depth. The significance of these hydrocarbon shows will only become clear following the analysis of the detailed down-hole electric logs.\nStellar Resources owns a 10% direct interest in Horse Hill Developments Ltd (\"HHDL\"). \nHHDL is a special purpose company that owns a 65% participating interest and operatorship of onshore licences PEDL137 and the adjacent licence PEDL 246 in the UK Weald Basin. The participants in the Horse Hill-1 well are HHDL with a 65% working interest and Magellan with a 35% interest.\n \nDavid Lenigas, the Company's Chairman, commented:\n\"We await the results of the all-important electric logs from the Jurassic over the coming week and look forward to drilling the well to its TD to test the theory that hydrocarbons may be present in the Triassic.\"\n \nCompetent 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 HH...