TIDMPRIM

RNS Number : 6780S

Primorus Investments PLC

27 June 2018

Primorus Investments plc

("Primorus" or the "Company")

Production Flow Test Operations Commence

Horse Hill-1 Kimmeridge Limestone and Portland Oil Discovery, PEDL137, Weald Basin, UK

Primorus (London AIM: PRIM) is pleased to announce that it has been informed by Horse Hill Developments Ltd ("HHDL"), the operator of the Horse Hill-1 ("HH-1") Kimmeridge Limestone 3 ("KL3"), KL4 and Portland oil discovery, that planned flow testing operations of HH-1 have commenced. All key equipment necessary to carry out a 150-day long-term extended flow test campaign at HH-1 is now on site. The Company holds a 3.25% beneficial interest in licence PEDL137 containing the HH-1 oil discovery.

Following final equipment set-up and the subsequent removal of three temporary suspension plugs in the wellbore, flow will first be re-established from the Portland sandstone oil pool. Testing of each of the KL4 and KL3 oil pools will follow completion of the Portland test sequence.

Extended Well Test ("EWT") Overview

As the 2016 short flow test campaign established commercially viable initial flow rates for each of the Portland, KL4 and KL3 zones, the 2018 EWT's prime goal is to confirm that the wellbore is connected to a commercially viable oil volume within one or more of the three zones.

The long term reservoir performance data is also expected to provide the necessary data to enable, for the first time, Petroleum Resources Management System compliant Kimmeridge and Portland reserve figures to be estimated at Horse Hill.

Each test sequence will include a short, optimised rate test, together with a sequence of "choked back"(i.e. reduced) steady-state flow periods necessary to obtain the data required to determine the connected oil volume within each zone. A series of associated long pressure build up tests are also planned. Oil produced from the EWT will be sold on the "spot" oil market and any revenues will be utilised to offset overall testing costs.

In a move to further minimise environmental impact, the EWT will utilise a new type of clean-burning enclosed flare, a UK onshore industry first. The flare, utilising technology from UK landfill sites, was developed jointly between Landfill Systems, PW Well Test and UK Oil & Gas Investments plc.

The directors of Primorus accept responsibility for this announcement.

The information contained within this announcement is deemed by the Company to constitute inside information under the Market Abuse Regulation (EU) No. 596/2014.

 
                                    +44 (0) 20 7440 
 Primorus Investments plc:           0640 
 Alastair Clayton 
 
                                    +44 (0) 20 7213 
 Nominated Adviser:                  0880 
 Cairn Financial Advisers LLP 
 James Caithie / Sandy Jamieson 
 
                                    +44 (0) 20 3621 
 Broker:                             4120 
 Turner Pope Investments Limited 
 Andy Thacker

Glossary:

 
 discovery   a discovery is a petroleum accumulation for 
              which one or several exploratory wells have 
              established through testing, sampling and/or 
              logging the existence of a significant quantity 
              of potentially moveable hydrocarbons 
 limestone   a sedimentary rock predominantly composed 
              of calcite (a crystalline mineral form of 
              calcium carbonate) of organic, chemical or 
              detrital origin. Minor amounts of dolomite, 
              chert and clay are common in limestones. Chalk 
              is a form of fine-grained limestone 
            ---------------------------------------------------- 
 oil field   an accumulation, pool or group of pools of 
              oil in the subsurface. A conventional oil 
              field consists of a reservoir or reservoirs 
              in a shape or configuration that will trap 
              hydrocarbons and that is covered by an impermeable 
              or sealing rock 
            ---------------------------------------------------- 
 oil pool    a discrete single oil accumulation within 
              a oil field, see definition above 
            ---------------------------------------------------- 
 sandstone   a clastic sedimentary rock whose grains are 
              predominantly sand-sized. The term is commonly 
              used to imply consolidated sand or a rock 
              made of predominantly quartz sand. 
            ----------------------------------------------------

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END

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June 27, 2018 02:00 ET (06:00 GMT)

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