Drilling commences at Horse Hill

RNS Number : 6746Q

Stellar Resources PLC

03 September 2014

 



3 September 2014

Stellar Resources plc

("Stellar Resources" or "the Company")

Drilling commences at Horse Hill

Stellar Resources plc (AIM: STG) is pleased to announce that drilling operations on the Horse Hill-1 well have now commenced.

The Horse Hill-1 well is planned to be drilled to a Total Depth ("TD") of 2,646 metres (8,680 feet) and is designed to test for a number of conventional stacked oil targets in the Jurassic, as well as a deeper conventional gas target in the Triassic.

The operator, Horse Hill Developments Ltd ("HHDL"), is a special purpose company with a 65% operating interest in the PEDL 137 license in the Weald Basin to the north of Gatwick Airport in Surrey. Stellar Resources has binding agreements in place to own a direct 10% interest in HHDL.

The participants in the Horse Hill Prospect are HHDL (65%) and Magellan Petroleum Corporation (35%).

David Lenigas, the Company's Chairman, commented:

"This is an exciting time for the Company as we embark on this well that will not only test a number of conventional oil formations, but will be one of the first wells drilled in this part of the Weald Basin to test for the potential for conventional gas in the deeper Triassic formations."

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Enquiries:

Stellar Resources plc David Lenigas, Executive Chairman Donald Strang, Finance Director Ed McDermott, Operations Director	[phone]
Cairn Financial Advisers LLP: James Caithie / Paul Trendell Public Relations: Square 1 Consulting Ltd David Bick/Mark Longson	[phone] [phone]

 

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