Regency Mines PLC re Horse Hill Oil Discovery (1726W)
February 07 2017 - 1:15AM
UK Regulatory
TIDMRGM
RNS Number : 1726W
Regency Mines PLC
07 February 2017
REGENCY MINES PLC
("Regency" or the "Company")
Portland Oil in Place Upgraded
and Initial Reported Contingent Resources, Horse Hill Oil
Discovery, UK
7 February 2017
Regency Mines plc notes, further to the announcements of 5(th)
July, 19(th) July, and 17(th) October 2016, an announcement made
today by UK Oil and Gas Investments plc relating to Horse Hill
Development Limited ("HHDL") and the Horse Hill oil discovery in
block PEDL137 of the Weald Basin in the southern UK.
The announcement concerns an upgrade of the Portland Sandstone
oil in place at Horse Hill and the initial reporting of contingent
resources at that level.
Comment
Andrew Bell, Chairman, comments "These new calculations are an
encouraging development. The path to production remains subject to
regulatory delay, and we must never forget that this project is in
the densely populated south of England where new projects are quite
properly subject to long scrutiny before being approved, but the
probabilities of a production decision continue to increase. We now
look forward to receiving consents for long term production testing
of the Portland and other, more significant, horizons later this
year".
HH-1 Oil Discovery, Location and Company Interest
The HH-1 oil discovery well is located within onshore UK
exploration Licence PEDL137, on the northern side of the Weald
Basin near Gatwick Airport. HHDL holds a 65% interest in PEDL137
and is the licence's operator. Regency has a 5% ownership of HHDL
which represents a 3.25% working interest in PEDL137.
For further information, please contact:
Andrew Bell 0207 747 9960 Chairman Regency Mines Plc
Scott Kaintz 0207 747 9960 Executive Director Regency Mines
Plc
Roland Cornish/Rosalind Hill Abrahams 0207 628 3396 NOMAD Beaumont Cornish Limited
Jason Robertson 0129 351 7744 Broker Dowgate Capital
Stockbrokers Ltd.
This information is provided by RNS
The company news service from the London Stock Exchange
END
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