Shares in the Horse Hill consortium including UK Oil & Gas Investments (LON:UKOG), Alba Mineral Resources PLC (LON:ALBA), Solo Oil PLC (LON:SOLO), Doriemus PLC (LON:DOR), Stellar Resources PLC (LON:STG) and Evocutis PLC (LON:EVO) remain suspending pending an announcement.
UK Oil & Gas Investments owns 30% of the consortium which in turn holds a 65% stake in the Horse Hill project. The remainder of the well is owned by Denver based Magellan Petroleum Corporation.
UK Oil & Gas Investments announced in April that the site could hold up to 100bn barrels of oil that triggered a sharp movement higher in shares.
Although the discovery was significant, the difficult nature of extracting the oil means only 15% may be recoverable.
