Horse Hill Development (HHD), a London-based consortium, failed to hit a deeper pay zone target with its Horse Hill-1 well after making a shallower find at the well in October.
Horse Hill-1 well is located in southern England at the Weald Basin near London’s Gatwick Airport in block PEDL 137.
The deeper target was drilled to test a 380 foot thick interval in the Triassic prospect.
The well reached a final depth of 8,054 feet but did not encounter any reservoir rocks or gas reserves.
However, the deeper target did reveal additional oil potential in the Kimmeridge limestone interval located both in the block and in the wider Weald Basin.
The consortium said preliminary samples taken from the Kimmeridge clay beneath the Portland oil find made last month at Horse-1 indicate a reservoir anlougous to the nearby Balcombe oil discovery.
Testing and analysis are being completed and a virtual seismic profile is being created in preparation for seeking the green light to flow test the Portland discovery.
HHD holds a 65 percent operating stake in the PEDL 137 and the adjacent PEDL 246.
The consortium is comprised of UK-based companies Alba Mineral Resources, Regency Mines, Solo Oil, Stellar Resources, Doriemus, UK Oil & Gas Investments and Florida-based Angus Energy.
Angus Energy holds a 40 percent share in of Horse Hill Development, UKOG holds a 20 percent share.
Stellar Resources, Solo Oil and Doriemus all hold 10 percent shares. Alba Mineral Resources and Regency Mines each hold 5 percent shares.