Horse Hill-1 Final Flow Test Consent

RNS Number : 6167K

Stellar Resources PLC

04 January 2016

 

Stellar Resources plc

("Stellar Resources" or the "Company")

Horse Hill-1 Oil Discovery, Weald Basin, UK

Final Flow Test Consent from the UK Oil and Gas Authority

Stellar Resources (AIM: STG, ISDX: STG) announces that it has been notified by Horse Hill Developments Limited ("HHDL") that the Oil and Gas Authority ("OGA") has granted consent for an extended flow test over three separate zones in the Horse Hill-1 ("HH-1") oil discovery well. All necessary permissions to test the well are now in place.

The HH-1 well, drilled at the end of 2014, is located within onshore exploration Licence PEDL137, on the northern side of the Weald Basin near Gatwick Airport, in which Stellar Resources owns a 6.5% interest.

Stellar Resources' interest in Horse Hill:

The HH-1 well is located within onshore exploration Licence PEDL137, on the northern side of the Weald Basin near Gatwick Airport. Stellar Resources owns a 10% direct interest in HHDL. HHDL is a special purpose company that owns a 65% participating interest and operatorship of Licence PEDL137 and the adjacent Licence PEDL246 in the UK Weald Basin.

For further information please contact:

Stellar Resources plc:                                                         [phone]

Alastair Clayton

Nominated Adviser:

Cairn Financial Advisers LLP                                                 [phone]

James Caithie / Sandy Jamieson

Broker:

Optiva Securities Limited                                                        [phone]

Christian Dennis / Jeremy King

Public Relations:

Square1 Consulting                                                                [phone]

David Bick / Mark Longson

Glossary

discovery	a discovery is a petroleum accumulation for which one or several exploratory wells have established through testing, sampling and/or logging the existence of a significant quantity of potentially moveable hydrocarbons
extended flow test permit	OGA approval to flow test a well with an aggregate flow period over all zones of up to 90 days. Normal flow test approval is for an aggregate flow period of 96 hours
flow test	a flow test or well test involves testing a well by flowing hydrocarbons to surface, typically through a test separator. Key measured parameters are oil and gas flow rates, downhole pressure and surface pressure. The overall objective is to identify the well's capacity to produce hydrocarbons at a commercial flow rate

 

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