The company will take the interest in the special purpose company that has an exclusive farm-in agreement with Magellan Petroleum regarding PEDL137 in the Weald basin.
Magellan holds a 100% interest in the licence, but under the terms of the agreement, HHDL will take over as operator through the drilling of an exploration well by the end of August.
The Horse Hill-1 well is designed to test a number of conventional stacked oil targets.
Prospective recoverable resources have been estimated at 87 million barrels of oil, with another 164 billion cubic feet of gas in a deeper play.
Executive director Neil Ritson this was part of the company’s expansion in the UK.
“The Horse Hill Wood prospect represents an immediate opportunity for the company to...
