Stellar Resources Plc
("Stellar Resources" or the "Company")
Update on Horse Hill Prospect, UK
Environment Agency Permits Granted
Stellar Resources Plc (AIM: STG) announces that Horse Hill Developments Ltd ("HHDL") has now been granted final approvals from the UK Environment Agency to proceed with the drilling of the Horse Hill -1 well at Horse Hill in Surrey.
Stellar Resources has a binding agreement in place to own a direct 10% interest in HHDL, a special purpose company that owns a 65% participating interest and operatorship of onshore licence PEDL137 in the Weald Basin.
David Lenigas, the Company's Chairman, commented:
"Recent heavy rainfall in the area has unfortunately delayed the completion of site construction works, however the concrete cellar is on-site and is ready to install once the ground conditions allow. We look forward to spudding of this important Horse Hill-1 well shortly."
The participants in the Horse Hill-1 well are HHDL (Operator) with a 65% working interest and Magellan Petroleum Corporation with a 35% interest.
-ENDS-
For further information, please contact:
Enquiries:
|
Stellar Resources plc David Lenigas, Executive Chairman Donald Strang, Finance Director |
+44 (0) 20 7440 0640 |
|
Cairn Financial Advisers LLP James Caithie / Paul Trendell Public Relations: Square 1 Consulting Ltd David Bick / Mark Longson |
+44 (0) 20 7148 7900 +44 (0) 20 7929 5599 |
This information is provided by RNS