The latest press release from UK Oil & Gas Investments gives a new estimate for the volume of oil in the Upper Portland Sandstone conventional reservoir in the Horse Hill area of around 21 million barrels.

It also says that Horse Hill Developments Ltd is proceeding with applying for the relevant permissions. The press release, dated 11 May 2015, says, “Subject to approval by the relevant authorities, the Company intends to flow test this conventional sandstone zone as part of a wider test programme of the HH-1 well later in 2015. A successful test would be followed by a full technical resource assessment, and the identification of potentially recoverable resource volumes.

“Subject to these results, the Company is informed that the operator, Horse Hill Developments Ltd, intends to engage with the Oil and Gas Authority (“OGA”) and other regulators, and seek to move the PEDL137 licence into the Production Period as soon as practicable, via submission of a Field Development Plan to the OGA. The PEDL137 licence is currently in the exploration phase and expires on 30 September 2015. HHDL has applied for a one-year extension of the exploration phase to 30 September 2016.”

Read the press release: http://www.proactiveinvestors.co.uk/companies/rns/150511ukog7130m