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Independent Assessment of Horse Hill-1 Well
Independent Assessment of Horse Hill-1 Well.
About this update from Primorus Investments Plc
[{"type":"text","content":"\n \nRNS Number : 3066P Stellar Resources PLC 05 June 2015 \n\n5 June 2015\n \nStellar Resources plc\n(\"Stellar Resources\" or the \"Company\")\n \nIndependent Assessment of Horse Hill-1 Well\n \nThe Board of Stellar Resources plc (AIM: STG) announces that Schlumberger, one of the leading suppliers of technology, integrated project management and information solutions to customers working in the global oil and gas industry, has independently assessed the petrophysics of Horse Hill-1 well (\"HH-1\"), located in PEDL137 in the Weald basin near to London Gatwick Airport, in which the Company has net attributable interest of 6.5%.\nThe report, entitled Petrophysical Evaluation of the Horse Hill-1 Well, estimates an overall Oil in Place (\"OIP\") for the Jurassic section of the well to be 271.4 million barrels of oil (\"MMBO\") per square mile. The total OIP comprises 16.2 MMBO per square mile for the conventional Upper Portland Sand reservoir discovery and 255.2 MMBO per square mile solely for the tight limestone and mudstone plays of the Kimmeridge, Oxford Clay and Lias. The OIP hydrocarbon volumes estimated should not be construed as recoverable resources or reserves.\n The report, which is addressed to UK Oil & Gas Investments plc (\"UKOG\") is available on UKOG's website www.ukogplc.com. \nStellar Resources' interest in Horse Hill:\n \nThe Horse Hill-1 well is located within onshore exploration License PEDL137, on the northern side of the Weald Basin near Gatwick Airport. Stellar Resources owns a 10% direct interest in Horse Hill Developments Ltd. HHDL is a special purpose company that owns 65% participating interests and is the operator of licence PEDL137 and the adjacent licence PEDL246 in the UK Weald Basin. The remaining 35% participating interests in the PEDL137 and PEDL246 licenses are held by Magellan Petroleum Corporation.\n \nDonald Strang, Stellar Resources' Chairman, commented:\n\"This independent technical viewpoint adds further weight to the potential significance of the HH-1 well and the potential of the Horse Hill licences.\"\nSchlumberger is acting exclusively for UKOG and for no one else in connection with the subject matter of this announcement and will not be responsible to anyone other than UKOG in connection therewith. No person or company other than UKOG may directly...