Environment Agency Permits Granted

RNS Number : 4122O

Stellar Resources PLC

06 August 2014

 



Stellar Resources Plc

("Stellar Resources" or the "Company")

Update on Horse Hill Prospect, UK

Environment Agency Permits Granted

Stellar Resources Plc (AIM: STG) announces that Horse Hill Developments Ltd ("HHDL") has now been granted final approvals from the UK Environment Agency to proceed with the drilling of the Horse Hill -1 well at Horse Hill in Surrey.

Stellar Resources has a binding agreement in place to own a direct 10% interest in HHDL, a special purpose company that owns a 65% participating interest and operatorship of onshore licence PEDL137 in the Weald Basin.

David Lenigas, the Company's Chairman, commented:

"Recent heavy rainfall in the area has unfortunately delayed the completion of site construction works, however the concrete cellar is on-site and is ready to install once the ground conditions allow. We look forward to spudding of this important Horse Hill-1 well shortly."

The participants in the Horse Hill-1 well are HHDL (Operator) with a 65% working interest and Magellan Petroleum Corporation with a 35% interest.

-ENDS-

For further information, please contact:

Enquiries:

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

 

END

 

 

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