Update- Horse Hill, UK

RNS Number : 7936M

Stellar Resources PLC

21 July 2014

 



21 July 2014

Stellar Resources Plc

("Stellar Resources" or the "Company")

Update- Horse Hill, UK

Stellar Resources Plc (AIM: STG) announces that Horse Hill Developments Ltd ("HHDL") received formal notification from the UK Department of Energy and Climate Change ("DECC") on 17 July 2014 that:

·     The Secretary of State has granted the transfer and apportionment of rights of 65% of Licence PEDL 137 from Magellan Petroleum (UK) Limited to HHDL; and

·     The Secretary of State has granted approval of appointment of HHDL as Exploration Operator of Licence PEDL 137.

These approvals and consents granted by the DECC are valid until 17 October 2014, to enable HHDL to meet its obligation under the agreements in place between HHDL and Magellan Petroleum (UK) Limited to drill the Horse Hill-1 well on Licence PEDL 137.

The Horse Hill-1 well is proposed to have a total depth of 8,512 feet and is targeting a number of conventional stacked oil and gas targets.

Stellar Resources has binding agreements in place to own a direct 10% interest in Horse Hill Development Ltd, a special purpose company that owns a 65% participating interest and operatorship of the Horse Hill Prospect.

David Lenigas, the Company's Chairman, commented:

 "The site construction works are progressing to plan and we look forward to spudding the Horse Hill-1 well."

-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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