26 October 2014, News Wires – An Angus Energy-led venture has hit an oil accumulation at its Horse Hill-1 well in the UK’s onshore Weald basin.
Venture partner Solo Oil announced an oil accumulation had been discovered in the Upper Jurassic Portland sandstone.
Solo previously reported the Portland sandstone had been found to have oil shows in cuttings and elevated gas readings during drilling.
These were confirmed by an independent petrophysical analysis of electrical logs acquired in the well.
A preliminary estimate of 3.1 million barrels of oil in place has been calculated in the upper Portland, with a further 16.8 million barrels in untested potential in a separate lower sand in the Portland interval.
Further analysis is being carried out to shore up the amount of recoverable oil in the well.
Solo chairman Neil Ritson said these well results added significant 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,” he said.
The Triassic-aged target will take about two to three weeks to reach.
Angus Energy is the largest shareholder in Horse Hill Developments, which is gaining a 65% share in PEDL 137 in return for fully carrying licence holder Magellan Petroleum.
Angus Energy owns 40% of Horse Hill Development, alongside UKOG (20%), Stellar Resources (10%), Solo Oil (10%), Doriemus (10%), Alba Mineral Resources (5%) and Regency Mines (5%).
The stock market appeared unimpressed with the size of the discovery, with several of the listed explorers’ shares declining in value in morning trading on London’s Alternative Investments Market following the announcement.
Solo Oil was trading down 11% while Doriemus was down 22%, UKOG was down 28% and Stellar Resources was down 22%.