Horse Hill miners get lift from two year extension

5th Jul 2016 09:08

(ShareCast News) - The Oil and Gas Authority has allowed licences at the Horse Hill development in Surrey to continue for another two years, giving a lift to several AIM-listed miners.Solo Oil, Regency Mines and Alba Mineral Resources all said licences PEDL137 and PEDL246 said the OGA had converted the terms on the 55 square mile area so they could "continue without further relinquishment".The Horse Hill Licences forward work plan includes long-term production testing of 3 Kimmeridge Limestone zones plus the overlying Portland, two contingent appraisal/development wells and 3D seismic, Regency said in a statement.Regency currently holds a 5% interest in Horse Hill Development Limited, the investment company developing the Horse Hill exploration project near Gatwick airport.Regency chairman Andrew Bell said: "The successful conversion of these licenses ensures that the Horse Hill work plan can continue on schedule with the Portland and Kimmeridge Limestone appraisal effort being the current focus.""Retaining the entirety of the current licenses means the consortium can maximize the value of its findings and ultimately develop the area to its full potential without threat of obligatory reductions.""Horse Hill continues to be a key investment for Regency and we look forward to extended flow test results that will determine potential commercial production rates. With multiple development avenues on offer we expect Horse Hill to help drive Regency's value forward in the coming months."