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Regency Mines gives Horse Hill-1 update

By BFN News | 02:30 PM | Thursday 18 September, 2014


Regency Mines has confirmed that drilling operations on the Horse Hill-1 well are continuing as planned with the 20-inch surface casing having been set successfully at 84 feet below ground level. Operations are continuing at the site and further news will be issued as appropriate. The company also said that Magellan Petroleum Corporation has now confirmed that it will not proceed with its option to acquire additional logs beyond those required for the conventional targets in the Horse Hill-1 well. This will assist Horse Hill Developments Ltd to complete the well on schedule in about six weeks. Additionally, the original binding agreements previously put in place for RGM to own a 5% interest in HHDL have been converted to a definitive Investment Agreement confirming the Company owns 5% of HHDL. Chairman Andrew Bell said: "We welcome the news that good progress is being made with this well and of the support received from our partners and the local community. As the well advances towards the conventional oil targets in the Jurassic we all anticipate an exciting few weeks ahead." HHDL is a special purpose company which owns a 65% participating interest and operatorship of onshore licences PEDL 137 and the adjacent licence PEDL 246 in the UK Weald Basin. The participants in the Horse Hill-1 well are HHDL with a 65% working interest and Magellan with a 35% interest. At 2:30pm: (LON:RGM) Regency Mines PLC share price was +0.03p at 0.45p Story provided by StockMarketWire.com

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