Drilling Commenced at Horse Hill-1

RNS Number : 6753Q

Solo Oil Plc

03 September 2014

 



For Immediate Release

3 September 2014

SOLO OIL PLC

("Solo")

Drilling Commenced, Horse Hill-1, Weald Basin UK

Solo Oil Plc (AIM: SOLO) is pleased to announce that drilling operations on the Horse Hill-1 well have now commenced.

The Horse Hill-1 well in the onshore UK Weald Basin is planned to be drilled to a Total Depth of 2,646 metres (8,680 feet) and is designed to test a number of conventional stacked oil targets in the Jurassic in the proven productive Portland sandstone, Corallian sandstone and Great Oolite limestone formations, as well as a deeper conventional gas target in the Triassic.

Solo has a binding agreement in place to own a 10% interest in Horse Hill Development Ltd ("HHDL"), a special purpose company, which owns a 65% participating interest and operatorship of onshore licence PEDL137 in the UK Weald Basin. HHDL is the drilling operator.

Neil Ritson, the Company's Executive Director, commented:

"We are very pleased that drilling operations are now underway on this exciting prospect that has both oil and gas targets that have proved to be productive for oil elsewhere in the basin.  The next few weeks will be an exciting phase for this investment."

The participants in the Horse Hill-1 well are HHDL (Operator) with a 65% working interest and Magellan Petroleum Corporation with a 35% interest.

About Horse Hill:

The 99.29 km² (24,525 acre) Horse Hill Petroleum Exploration and Development Licence No. 137 (PEDL 137) is located in Surrey, a few miles north of Gatwick Airport.

The Horse Hill Prospect, which is being tested by the Horse Hill-1 well, has estimated original-oil-in-place, original-gas-in-place and prospective resources, as announced by Solo on 5 February 2014, are summarised in Table 1.

Target Reservoir Oil	OOIP Upside Potential (mmSTB)	OOIP Mean (mmSTB)	Prospective Resources Mean (mmSTB )
Upper Portland Sandstone	116	57	17
Lower Portland Sandstone	284	147	44
Corallian Sandstone	67	33	10
Greater Oolite Limestone	204	104	16
Total Oil	671	341	87
Target Reservoir Gas	OGIP Upside Potential (bcf)	OGIP Mean (bcf)	Prospective Resources Mean (bcf)
Triassic Sandstone	456	234	164

Table 1: Horse Hill Prospect estimated OOIP, OGIP and Prospective Resources

Competent Person's Statement:

The information contained in this announcement has been reviewed and approved by Neil Ritson, Chief Executive Officer and Director for Solo Oil Plc who has 35 years of relevant experience in the oil industry.  Mr. Ritson is a member of the Society of Petroleum Engineers, an Active Member of the American Association of Petroleum Geologists and is a Fellow of the Geological Society of London.

Glossary:

mmSTB	million Stock Tank Barrels (of oil)
bcf	billion cubic feet
Prospective Resources	those quantities of petroleum which are estimated, at a given date, to be potentially recoverable from undiscovered accumulations
original-oil-in-place/OOIP	the volume of oil estimated to be in place
original-gas-in-place/OGIP	the volume of gas estimated to be in place

For further information:

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

 

END

 

 

DRLBRGDCSSGBGSD