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Horse Hill-1 Oil Discovery, Update on Flow Test
Horse Hill-1 Oil Discovery, Update on Flow Test.
About this update from Primorus Investments Plc
[{"type":"text","content":"\n \nRNS Number : 1438P Stellar Resources PLC 16 February 2016 \n\n \nStellar Resources PLC\n(\"Stellar Resources\" or the \"Company\")\nUpdate on Flow Test\nHorse Hill-1 Oil Discovery, Weald Basin, UK\nSignificant Oil Flows to Surface from Lower Kimmeridge Limestone\n \nStellar Resources (London AIM and ISDX: STG) announces that Horse Hill Developments Limited has informed the Company that light, 40-degree API, sweet oil has flowed naturally to surface from an 80-foot zone within the Lower Kimmeridge limestone interval at a depth of approximately 900 metres below ground level. \nFlow commenced at around 10.00am GMT yesterday at an initial instantaneous rate in excess of 700 barrels per day using a 1-inch choke, in an approximate mix of 50:50 oil to water. The well was then choked back to 32/64 inches resulting in a steady early oil rate in excess of 463 barrels of oil per day over a further 7.3-hour period, in an approximate mix of over 99% oil and less than 1% water. \nThe Lower Kimmeridge flow period is planned to continue today at 0700 following an overnight shut-in from 1900 Monday. Upon completion, Phase 2 and Phase 3 operations will move to the shallower Upper Kimmeridge limestone and Portland sandstone zones at approximately 840 and 615 metres below ground level, respectively.\nThe HH-1 discovery well, the original exploration drilling phase originally completed at the end of 2014, is located within onshore exploration Licence PEDL137, on the northern side of the Weald Basin near Gatwick Airport. Stellar owns a 6.5% interest in PEDL137.\n \nJeremy Taylor-Firth, Stellar's Non-Executive Chairman commented: \n\"I would very much like to thank our executive team and the Horse Hill team for their hard work. Whilst still early days, these results are very encouraging and we look forward to further data as it becomes available\"\n \nStellar's interest in Horse Hill\nThe HH-1 well is located within onshore exploration Licence PEDL137, on the northern side of the Weald Basin near Gatwick Airport. Stellar Resources owns a 10% 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.\nQualified Person's Statement:\nStephen Sanderson, who has over 35 years of relevant experienc...