Horse Hill company identifies 282 million barrels of oil at nearby well
A company involved in the prolific "Gatwick Gusher" Horse Hill oil project in East Sussex has struck lucky at a "lookalike" well nearby.
It points to a potential extension of the Horse Hill oil-producing area, the potential of which was demonstrated in tests earlier this year.
The group said the pay zones at Brockham-1 were similar to those successfully flow tested at the Horse Hill-1 well in February and March.
Petrophysical analysis and reservoir intelligence firm Nutech Ltd independently assessed Brockham-1 and produced the report.
Drilled by BP in 1987 under UK production licence PL 235, the well is about six miles north west of Gatwick Airport.
Doriemus, chaired by natural resources entrepreneur David Lenigas, also owns a 10% interest in Horse Hill Developments Ltd, the operator and 65% shareholder of the Horse Hill licences.
Lenigas said: "The great advantage of the Brockham oil field is that it is already a producing oil field and any new production should be able to be put on line relatively quickly.
"This Nutech work for Doriemus has highlighted that the conventional Portland Sandstones and the Kimmeridge Limestones that were oil-productive at the Horse Hill-1 well near Gatwick Airport are indeed evident at the nearby Brockham oil field.
"Doriemus looks forward to participating in the next phase of developing the oil potential of Brockham."
Alongside Doriemus, Solo Oil PLC (LON:SOLO) has a 6.5% interest in Horse Hill, together with several other London-listed oil juniors including Stellar Resources Plc (LON:STG), Evocutis plc(LON:EVO), Alba Minerals Plc (LON:ALBA) and UK Oil & Gas Investments Plc (LON:UKOG), which with 27% is the largest listed stakeholder.
Earlier this year, the companies said test results from the Horse Hill well had demonstrated "North Sea-like" oil rates from an onshore well.
Solo said Horse Hill was a game-changer in the Weald Basin and pointed to a significant commercial accumulation in the Portland sandstones and a potentially massive Kimmeridge limestone play.
Fracture analysis at Brockham, coupled with information from the Horse Hill-1 well and Collendean Farm-1 well offset well information indicate that the Kimmeridge Limestones show potential of natural fracturing and are possible candidates for flow testing, Doriemus said.