The much anticipated well results of the Horse Hill Development Project near Gatwick Airport have been revealed,participants on the project include UK Oil & Gas Investments (LON:UKOG), Stellar Resources,Solo Oil,Doriemus,Alba Minerals and Regency Mines.The wells operator HHDL confirmed that an estimated 3.1 million barrels of oil have been discovered,but the deeper gas targets failed to encounter reservoir rocks or moveable gas.The previously announced oil discovery estimates 102 feet of net pay in the Jurassic Portland Sandstone,and a decision to proceed further is being considered once further analysis of the discovery has been undertaken.Further encouragement  of the wells potential could also lay deeper in the prospect where Oil shows were observed in the Kimmeridge zones which lays directly beneath the Jurassic Portland Sandstones.

Spanish oil giant Repsol are considering a buyout of london listed Canadian oil producer Edge Resources Inc (LON:EDG) .It is thought that Repsol executives view Edge as a great value enhancing aquisition and offers a great alternative to its much publicised attempt to purhase fellow Canadian producer Talisman Energy.Recent progress made by Edge at its Eye Hill East assets have caught the attention of a number of bigger industry players that are looking for undervalued assets in safe jurisdictions.Repsol recently stated they have a potential $10 billion available for new aquisitions,and Edge Resources are thought to be just one of many potential new purchases being considered.Repsol SA (MCE:REP) focus on new aquisitions is due largely to help fill a gap left by the 2012 seizure of its Argentine business,and this situation has led the company to view the USA and Canada as safe havens in which to operate.The company have recently been encouraged by a new oil discovery off the Gulf of Mexico.

Energy services company Hunting (LON:HTG) have announced they are set to deliver a further year of growth,its US business in particular continues to see strong demand and the recent fall in the oil price has yet to decrease customer demand.The company said activity in North America has remained strong and also stayed positive in Asia Pacific and the Middle East, but Europe had become more challenging because of a decrease in drilling activity.

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