Drilling Report

RNS Number : 4740T

Solo Oil Plc

06 October 2014

 

For Immediate Release, 7 am

6 October 2014

Solo Oil plc

("Solo" or the "Company")

Drilling Update, Horse Hill-1, Weald Basin UK

Solo today advises that the Horse Hill-1 well has intersected the Portland Sandstone over the weekend and has encountered oil shows identified by mud logging from 2,100 feet to 2,140 feet measured depth ("MD").  At 14:00 hours yesterday, the well was drilling ahead at 3,030 feet MD towards the other primary and secondary targets.

Sandstone drill cuttings recovered from the well have been analyzed and are confirmed by the operator to have "a dull yellow fluorescence with a slow diffuse light blue cut with a trace of residual oil ring".  This indicates the presence of oil within a porous and permeable rock matrix.  Gas readings within the mud over the same interval were also elevated and recorded gases compositions consistent with the presence of oil.

The Horse Hill-1 well is located on the northern side of UK Weald Basin near Gatwick Airport and is planned to test a number of conventional oil and gas targets. The primary oil reservoir targets in this well lie in the Jurassic age Portland Sandstone and the Corallian Sandstone. There are also a number of secondary oil targets in the Jurassic formations, including the Great Oolite Limestone. The well is presently being drilled to the second of the primary targets in the Corallian Sandstone.

Electric logs will be acquired on reaching the third casing point at approximately 5,900 feet MD before setting a 9 5/8-inch casing.  The well will then be drilled with an 8 ½-inch hole will be drilled to 8,658 feet total depth ("TD") in order to test for Triassic aged formations which are expected to contain gas.

Solo owns a 10% interest in HHDL, a special purpose company which owns a 65% participating interest and operatorship of onshore licences PEDL137 and the adjacent licence PEDL 246 in the UK Weald Basin.  The participants in the Horse Hill-1 well are HHDL with a 65% working interest and Magellan with a 35% interest.

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

"Drilling has shown the presence of the anticipated Portland Sandstone reservoir and the presence of oil shows is an encouraging development.  We will gain considerably more information from electric logs that will be run at the end of the current section of the well, and in the meantime we have further primary oil targets to drill."

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:

Fluorescence:                   The natural property of minerals and fluids to emit light, characteristic in certain situations, of the presence of hydrocarbons

Drill cuttings:                     Rock chips from the subsurface formations recovered by filtering the drilling mud

MD:                                        measured depth

(Drilling) Mud:                  Drilling fluid used to clean and lubricate the drilling process and recover samples of the

subsurface formation to surface

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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