LONDON (ShareCast) - Horse Hill Developments Ltd (HHDL), a joint venture (JV) group developed by several AIM-listed companies, has now been granted final approvals from the UK Environment Agency to go ahead the Horse Hill Prospect in the Weald Basin, Surry.

The approvals clear the way for the JV to proceed with the drilling of the Horse-Hill 1 well. HHDL has a 65% participating interest and operatorship of onshore licence PEDL137 in the Weald Basin.

Stellar Resources, Doriemus and Solo Oil all have binding agreements in place to each own a direct 10% interest in HHDL, while UK Oil & Gas Investments will own 7.5% and Alba Mineral Resources and Regency Mines will hold 5%.

Stellar's Chairman David Lenigas said: "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 Horse Hill-1 well is set to test various conventional stacked oil and gas targets in Portland Sandstone, Corallian Sandstone and Great Oolite Limestone levels at the Weald Basin site.

As of 12:43 the share price had risen 7.14% to 0.7p.

WS

Email this article to a friend

or share it with one of these popular networks:

• DIGG
• FACEBOOK
• STUMBLEUPON
• MIXX
• YAHOO BUZZ
• DELICIOUS
• REDDIT
• NEWSVINE