Stellar Enters Agreement to Buy 7.5% in HHDL

Source: www.gulfoilandgas.com 2/6/2014, Location: Europe

Stellar has entered into a Binding Heads of Agreement ("HOA") to buy a 7.5% equity interest in Horse Hill Development Ltd ("HHDL"), a special purpose company, which hold the rights to a 65% participating interest and operatorship, in licence PEDL137 onshore at Horse Hill Wood, in the UK Weald Basin in Surrey ("Horse Hill Prospect").

HHDL has an exclusive farm-in agreement with Magellan Petroleum (UK) Limited, a subsidiary of NASDAQ-listed Magellan Petroleum Corporation ("Magellan"), which currently own 100% of the 99.29 square kilometres (24,525 acre) Exploration and Development Licence No. 137 ("PEDL 137"). Under the agreement HHDL can earn a direct 65% participating interest and operatorship in the licence, under certain contractual conditions, through the drilling of the proposed 2,646 metres (8,680 feet) Horse Hill-1 exploration well by the end of August 2014. PEDL 137 expires on 30 September 2014 but Magellan can apply for an extension.

The Horse Hill-1 well is planned to test a number of conventional stacked oil targets at the proven productive Portland sandstone, Corallian sandstone and Great Oolite limestone levels. Prospective recoverable resources totalling a mean 87 million barrels ("mmbbls") have been estimated; with an additional mean 164 billion cubic feet ("bcf") of recoverable prospective resources proposed within the deeper Triassic gas play.

David Lenigas, the Company's Chairman, commented:
"Stellar is keen to expand its portfolio of global resource investments and the recent developments in the UK have significantly increased interest in the sector. The Horse Hill Prospect represents an immediate opportunity for the Company to be a key consortium participant in a significant conventional onshore oil and gas play."


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Related Categories: Accounting, Statistics  Acquisitions and Divestitures  Asset Portfolio Management  Economics/Financial Analysis  General  Industrial Development  Insurance  Investment  Mergers and Acquisitions  Risk Management 

Related Articles: Accounting, Statistics  Acquisitions and Divestitures  Asset Portfolio Management  Economics/Financial Analysis  General  Industrial Development  Insurance  Investment  Mergers and Acquisitions  Risk Management 


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