Drilling Update, Horse Hill-1, Weald Basin UK
Stellar Resources’ (AIM:STG) Horse Hill-1 well has now been drilled to the third casing point at 6,612 feet measured depth, and will now be electrically logged through the observed reservoir sections. Electronic logging and full interpretation of these logs is expected to take approximately one week.
The depth of the third casing point was deepened from the previously announced 5,900 feet to 6,612 feet MD due to a number of reservoir targets being identified slightly deeper and thicker than expected.
On completion of the detailed logging, it is planned that a 9 5/8-inch casing will be set prior to drilling in an 8 ½-inch hole to a total depth of approximately 8,680 feet MD in order to test for deeper Triassic aged formations where further electric logs will be acquired.
As previously announced, oil shows from mud logging have been identified in the Portland Sandstones and additionally oil shows, mineral fluorescence and elevated gas readings of C1 through to C5 have been detected whilst drilling the well to the current depth. The significance of these hydrocarbon shows will only become clear following the analysis of the detailed down-hole electric logs.
Stellar Resources owns a 10% direct interest in Horse Hill Developments Ltd.
HHDL is a special purpose company that owns a 65% participating interest and operatorship of onshore licences PEDL137 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.
David Lenigas, the Company’s Chairman, commented:
“We await the results of the all-important electric logs from the Jurassic over the coming week and look forward to drilling the well to its TD to test the theory that hydrocarbons may be present in the Triassic.”