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Independent Assessment of the Horse Hill Licences
Independent Assessment of the Horse Hill Licences.
About this update from Primorus Investments Plc
[{"type":"text","content":"\n \nRNS Number : 4985Q Stellar Resources PLC 18 June 2015 \n\n18 June 2015\n \nStellar Resources plc\n(\"Stellar Resources\" or the \"Company\")\n \nIndependent Assessment of Horse Hill Licences\n \nFurther to the report provided to UK Oil & Gas Investments plc (\"UKOG\") by Nutech in relation to the Horse Hill-1 (\"HH-1\") well in the Weald basin, previously announced in April 2015, Stellar Resources plc (AIM: STG) has been advised that Nutech has now provided an independent report of the oil initially in place (\"OIP\") contained within 55 square miles covered by the Horse Hill licences (PEDL137 and PEDL246) near Gatwick Airport, south of London. This evaluation does not include the OIP for the Portland Sandstones, which has already been evaluated and reported on.\nThe study calculates that the total Jurassic shale plus tight conventional reservoir section of UKOG's licences contain a Best Estimate, or P50, OIP of 9,245 million barrels (\"MMBO\"). The most significant OIP within the Jurassic section is contained within the shales and tight conventional reservoir limestone sequences of the Kimmeridge, with a calculated Best Estimate, or P50, total Kimmeridge OIP of 5,230 MMBO.\nAs the Company has stated in relation to previous announcements, the calculated OIP figures should not be construed as contingent resources, prospective resources or reserves.\nAs detailed in the report on the Horse Hill-1 well, Nutech considers that the analysed Kimmeridge zones are possibly analogous to the known oil productive hybrid reservoir benches of the Bakken of the US Williston Basin, and of the Wolfcamp, Bone Springs, Clearfork, Spraberry, and Dean Formations in the US Permian Basin. Nutech's proprietary database indicates that these US analogues have estimated recovery factors of between 3% and 15% of contacted OIP per well, again as we have reported previously. Further work will be required to determine the likely recovery factor for the Horse Hill licence areas.\nThe study also identifies possible significant OIP within the Middle Jurassic Oolite limestone section that could be analogous to the Mississippian Limestone Play of Oklahoma. Further work will be carried out to establish the economics of the oil saturations in this section.\nTable 1: Summary of OIP for PEDL137 and PEDL246\n\n\n\n\n\n\n\nOIP, MMBO\n\n\n\n\...