Drilling Update, Canada

RNS Number : 6623A

Solo Oil Plc

03 April 2012

 

For Immediate Release, 7 am

3 April 2012

SOLO OIL PLC

("Solo")

Drilling Update, Canada

Solo today announces a further update on activities in South Western Ontario, Canada operated by its Joint Venture partner Reef Resources Limited ("Reef"). 

Reef's announcement, to the Toronto exchange, reads:

April 2, 2012 - Calgary, Alberta - Reef Resources Ltd. (REE - TSX.V)  ("Reef" or the "Company") reports that drilling of its North Airport well reached total depth of 608 metres on March 29.  Open-hole electric logging has been successfully conducted.  Logs indicate potential for natural gas in the shallow A2 zone as well as indications of hydrocarbon in the Guelph.  Petrophysical analysis will be initiated immediately to better determine both net pay and production potential, and details of the petrophysical study will be released when complete.

Subject to final results of the North Airport well, gas and any gas liquids will be used to further enhance the gas recycle and EOR program at the Ausable reef.  The well will be connected via pipeline to the standing Airport South natural gas/liquids well currently being tied into the Ausable process facility.

Neil Ritson, Solo Executive Director, commented; 

"Success at the Airport North #1 well will provide additional gas reserves to support the Ausable EOR scheme where gas from Airport South and utility gas from the Union Gas pipeline are already being tied in.  Ultimate recovery at Ausable depends on pressure maintenance and gas recycling so the availability of further gas sources will be extremely good news."

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.

For further information:

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

 

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