re Horse Hill Oil Discovery

RNS Number : 1726W

Regency Mines PLC

07 February 2017

 

REGENCY MINES PLC

("Regency" or the "Company")

Portland Oil in Place Upgraded

and Initial Reported Contingent Resources, Horse Hill Oil Discovery, UK

7 February 2017

Regency Mines plc notes, further to the announcements of 5^th July, 19^th July, and 17^th October 2016, an announcement made today by UK Oil and Gas Investments plc relating to Horse Hill Development Limited ("HHDL") and the Horse Hill oil discovery in block PEDL137 of the Weald Basin in the southern UK.

The announcement concerns an upgrade of the Portland Sandstone oil in place at Horse Hill and the initial reporting of contingent resources at that level.

Comment

Andrew Bell, Chairman, comments "These new calculations are an encouraging development. The path to production remains subject to regulatory delay, and we must never forget that this project is in the densely populated south of England where new projects are quite properly subject to long scrutiny before being approved, but the probabilities of a production decision continue to increase. We now look forward to receiving consents for long term production testing of the Portland and other, more significant, horizons later this year".

HH-1 Oil Discovery, Location and Company Interest

The HH-1 oil discovery well is located within onshore UK exploration Licence PEDL137, on the northern side of the Weald Basin near Gatwick Airport.  HHDL holds a 65% interest in PEDL137 and is the licence's operator.  Regency has a 5% ownership of HHDL which represents a 3.25% working interest in PEDL137.

For further information, please contact:

Andrew Bell 0207 747 9960                                                  Chairman Regency Mines Plc

Scott Kaintz 0207 747 9960                                                   Executive Director Regency Mines Plc

Roland Cornish/Rosalind Hill Abrahams 0207 628 3396    NOMAD Beaumont Cornish Limited

Jason Robertson 0129 351 7744                                           Broker Dowgate Capital Stockbrokers Ltd.

 

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