Application in the UK 14th Round

RNS Number : 5352V

Solo Oil Plc

29 October 2014

 

For Immediate Release

29 October 2014

SOLO OIL PLC

("Solo" or the "Company")

Application in the UK 14th Round

Solo today advises that, in partnership with Angus Energy Limited ("Angus Energy") and UK Oil & Gas Investments PLC ("UKOG"), it has submitted an application to the UK Department of Energy and Climate Change ("DECC") for a licence in the 14th Landward Licence Round ("14th Round"). 

Angus Energy, UKOG and Solo have applied for a 200 km² area covering the southern part of the Isle of Wight.  This application complements UKOG's adjacent offshore Isle of Wight acreage (P1916).  The partnership believes that the large undrilled offshore exploration prospect extends into the adjacent onshore area, which is also believed to hold a number of other independent leads within the application area.

Angus Energy is a qualified UK onshore exploration and production operator through DECC.  Angus Energy operates the conventional onshore Lidsey and Brockham oil fields located in the Weald Basin, and is the operator of Horse Hill Developments Ltd, currently drilling the Horse Hill-1 well on the northern side of the Weald Basin near Gatwick Airport where Solo holds a 6.5% interest and where a conventional oil discovery in the Portland Sandstone has recently been announced.

The interests in the application submitted yesterday are:

·     Solo, 30%

·     Angus Energy, 5% (operator)

·     UKOG, 65%

Neil Ritson, the Company's Chairman, commented:

"In line with its investment strategy Solo continues to look for attractive opportunities to expand its presence in oil and gas ventures primarily in Europe and Africa.  The 14th Round presented a number of conventional oil prospects and we are pleased to extend our collaboration with Angus and UKOG into this area."

For further information:

Solo Oil plc Neil Ritson	[phone]
Beaumont Cornish Limited Nominated Adviser and Joint Broker Roland Cornish	[phone]
Old Park Lane Capital Plc Joint Broker Michael Parnes Shore Capital Joint Broker Pascal Keane Jerry Keen (Corporate Broker) Bell Pottinger                            Public Relations Mark Antelme Henry Lerwill	[phone] [phone] [phone]

 

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