Business
Update, Horse Hill-1, Weald Basin UK
Update, Horse Hill-1, Weald Basin UK.
About this update from Primorus Investments Plc
[{"type":"text","content":"\n \nRNS Number : 0467S Stellar Resources PLC 18 September 2014 \n \n\n18 September 2014\n \nStellar Resources plc\n(\"Stellar Resources\" or \"the Company\")\n \nUpdate, Horse Hill-1, Weald Basin UK\n \nStellar Resources plc (AIM: STG) today confirms that drilling operations on the Horse Hill-1 well are continuing as planned with the 20-inch surface casing having been set successfully at 84 feet below ground level. Operations are continuing at the site and further news will be issued as appropriate.\nThe Company is also pleased to confirm that Magellan Petroleum Corporation (\"Magellan\") have now confirmed that they will not proceed with their option to acquire additional logs beyond those required for the conventional targets in the Horse Hill-1 well. This will assist Horse Hill Developments Ltd (\"HHDL\") to complete the well on schedule in about six weeks.\nAdditionally, the original binding agreements previously put in place for Stellar Resources to own a 10% interest in HHDL have been converted to a definitive Investment Agreement confirming the Company owns 10% of HHDL. David Lenigas, the Chairman of Stellar Resources, has also been appointed as Chairman of 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\"I am pleased to have been appointed as the Chairman of Horse Hill Developments Ltd, to lead and represent the interests of all consortium members in this promising conventional oil and gas well. I am particularly pleased with the support we have received from our partners, government authorities and the local community.\"\n\"We remain on track, as planned, in advancing the well towards the conventional oil targets in the Jurassic and we anticipate an exciting few weeks ahead.\"\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:...