Magellan Petroleum Corporation commented on certain recent announcements made by its partners in the Horse Hill-1 well in southern England.

On April 9, 2015, UK Oil & Gas Investments PLC, an approximately 31% indirect owner of HH-1, announced that HH-1 is estimated to have 'a total oil in place of 158 million barrels per square mile, excluding the previously reported Upper Portland Sandstone oil discovery'. In a BBC interview on the same day, the CEO of UKOG commented that 'we're looking at between 50 and 100 billion barrels of oil in place in the ground [in southern England].'

In a separate announcement on April 15, 2015, UKOG clarified that these 'OIP hydrocarbon volumes estimated should not be considered as either contingent or prospective resources or reserves' and that 'Further development work in the form of appraisal drilling, well testing and assessment of recovery factors will be required to seek to quantify net resources in relation to [UKOG's] licence areas and to prove its commerciality.'

Tags: Magellan Petroleum