Horse Hill Licence Extensions, UK Weald Basin

RNS Number : 0756N

Evocutis PLC

13 May 2015

 

13 May 2015

Evocutis plc

("Evocutis" or the "Company")

Horse Hill Licence Extensions, UK Weald Basin

The Board of Evocutis plc (AIM: EVO) is pleased to announce that it has been informed by Horse Hill Developments Ltd ("HHDL") that the exploration stage of the Horse Hill ("HH") PEDL137 licence, in which the Company has net attributable interest of 1.3%, has been extended for a further year by the Oil & Gas Authority ("OGA", formerly the Department of Energy and Climate Change). The exploration stage of the PEDL137 licence has been extended to 30 September 2016.

Subject to the results of an intended Horse Hill-1 ("HH-1") flow test later in 2015, for which regulatory approval is required, the Company is informed that HHDL would seek, in conjunction with the OGA and other regulators, to move the PEDL137 licence into the Production Period, via, inter alia, the submission of a HH Field Development Plan ("FDP") to the OGA. The PEDL137 licence provides for a potential Production Period of 19 years. HHDL has informed the Company that its application for the flow test is based on the roadmap document published by the Department of Energy and Climate Change (now the OGA) for onshore oil and gas exploration in the UK.

Evocutis' interest in Horse Hill:

The Horse Hill-1 well is located within onshore exploration License PEDL137, on the northern side of the Weald Basin near Gatwick Airport. Evocutis owns a 2% 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.

Evocutis' licence interests

Following the extensions to the exploration stages of PEDL137 and PEDL126, the Company has interests in the following Horse Hill oil & gas licences:

Asset	Licence	Licence Holder	Evocutis' Economic Interest	Operator or Non-Operator	Area (km2)	Current Licence Period Expiry
Horse Hill 1	PEDL137	Horse Hill Developments Ltd	1.3%	Non-Operator (HHDL is Operator)	99.29	30 September 2016
Horse Hill 1	PEDL246	Horse Hill Developments Ltd	1.3%	Non-Operator (HHDL is Operator)	43.58	30 June 2019

Notes                                                                                                                                                  

¹ Exploration licence. UK exploration licences provide for the extension beyond the exploration stage into a production period, subject to meeting certain criteria, approval by the relevant authorities and, inter alia, the submission of an FDP to the OGA. Production Periods are typically for 20 years from grant of approval.

For further information please contact:

Evocutis plc
David Lenigas/Donald Strang	[phone]
Cairn Financial Advisers LLP
James Caithie/Carolyn Sansom	[phone]

 

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