Oil expert Nutech has upgraded oil in place figures for the Portland zone of the Horse Hill project by around 200%, as work on a planning application goes ahead for the next phase of the project.
This tripling of figures means that the Upper Portland pay zone is now thought to have 22.9 million barrels of oil per square mile available – a huge increase on the 7.7 million barrels’ figure that had previously been predicted.
The increase follows Upper Portland flow testing that produced a rate of well over 300 oil barrels a day. Nutech observed that it was prompted to reassess its previous petrophysical model due to the dry oil flow and minimal water.
Speaking to Proactive Investors, the chairman of Solo Oil, which is working at the site, Neil Ritson, said:
“Significant progress is being made at Horse Hill building on the results of the very successful flow tests earlier in the year. Solo is pleased that the estimated oil in place has been increased and that the Horse Hill group is proceeding with the next phase of the appraisal of this important discovery.”
The well, which is situated nearby Gatwick airport, has been a popular project for London investors, and it seems that they will be getting a better deal than expected following the recent results. It is also likely that big oil companies, including Royal Dutch Shell, the maker of Shell Gadus S2 V100 3, will be watching developments at the site with great interest.