Independent analysis confirms Horse Hill oil find

A discovery of oil has been made at the Horse Hill exploration well on the Upper Jurassic Portland Sandstone reservoir near to Gatwick at a depth of 1,791 feet.

The discovery is expected to consist of 3.1 min barrels of gross in-place hydrocarbons with some 16 min barrels of prospective resources in a separate untested Portland interval providing upside.

The extent to which the oil can be recovered will be confirmed once analysed. Drilling will continue in the meantime.

David Lenigas, Chairman of Horse Hill stakeholder UK Oil & Gas Investments said:

“The presence of a larger, unappraised, Portland feature creates considerable further upside. We are now looking forward to drilling the Triassic, which is a new and untested exploration target in the area and which, if successful, may contain appreciable volumes of gas."

The licence for the exploration is owned 65% by a special purpose vehicle named Horse Hill Developments Ltd together with a 35% interest by Magellan Petroleum Corporation. Horse Hill has the backing of UKOG, Solo Oil, Regency Mines, Stellar Resources, Doriemus and Alba Minerals.