Horse Hill-1 Well and Restoration of Trading

RNS Number : 3116P

Solo Oil Plc

05 June 2015

 

For Immediate Release, 7 am                                                                         5 June 2015

Solo Oil plc

('Solo' or 'the Company')

Independent Assessment of Horse Hill-1 Well

and Restoration of Trading

Solo is pleased to note the announcement by UK Oil & Gas Investments PLC ("UKOG") that Schlumberger, acting in an advisory capacity to UKOG, has independently evaluated the unconventional oil potential of the Horse Hill-1 well ("HH-1"), located in PEDL137 in the Weald Basin near to London Gatwick Airport, where the Company has a 6.5% interest.

Schlumberger has estimated a gross overall oil in place ("OIP") for the Jurassic section of the well to be approximately 271 million barrels of oil ("mmbbls") per square mile. A total of 255 mmbbls gross OIP lies within the tight limestone and mudstone plays of the Kimmeridge, Oxford Clay and Lias. The balance is in the Upper Portland Sandstone discovery previously announced. This figure of 255 mmbbls per square mile can be compared with the OIP estimated by NUTECH Ltd ("Nutech") and previously reported in April 2015 as gross 158 mmbbls per square mile.

Oil in place hydrocarbon volume estimates should not be construed as recoverable resources or reserves.

Neil Ritson, Solo's Chairman, commented;

"We are pleased to note that Schlumberger, using their own proprietary techniques, has confirmed the order of magnitude of the earlier work conducted by Nutech.  Taken together these independent estimates continue to suggest a significant oil potential in the unconventional Jurassic sequence in the Horse Hill area and may have wider significance in the Weald Basin generally."

Solo's interest in Horse Hill:

Solo owns a 10 percent interest in Horse Hill Developments Ltd ("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.  HHDL with a 65% working interest in PEDL137 and Magellan Petroleum Corporation with a 35% interest.  Solo consequently has a net 6.5% interest in PEDL137 and PEDL246.

Restoration of trading:

Restoration of trading in the Company's shares is scheduled for today, 5 June 2015.

Qualified Person's Statement:

The information contained in this announcement has been reviewed and approved by Neil Ritson, Chairman and Director for Solo Oil Plc who has over 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 Neil Ritson Fergus Jenkins	[phone]
Beaumont Cornish Limited Nominated Adviser and Joint Broker Roland Cornish	[phone]
Shore Capital Joint Broker Pascal Keane Jerry Keen (Corporate Broker) Bell Pottinger                            Public Relations Henry Lerwill Cassiopeia Services Investor Relations Stefania Barbaglio	[phone] [phone] [phone]

Glossary:

limestone	a sedimentary rock predominantly composed of calcite (a crystalline mineral form of calcium carbonate) of organic, chemical or detrital origin. Minor amounts of dolomite, chert and clay are common in limestones. Chalk is a form of fine-grained limestone.
mmbbs	million barrels of oil
mudstone	an extremely fine-grained sedimentary rock consisting of a mixture of predominantly clay plus silt-sized particles.
oil initially in place or oil in place or OIP	the quantity of oil or petroleum that is estimated to exist originally in naturally occurring accumulations before any extraction or production
play	a set of known or postulated oil and or gas accumulations sharing similar geologic, geographic, and temporal properties, such as source rock, migration pathways, timing, trapping mechanism, and hydrocarbon type
recoverable resources	those quantities of petroleum (oil in this case) estimated, as of a given date, to be potentially recoverable from known accumulations
reserves	those quantities of petroleum anticipated to be commercially recoverable by application of development projects to known accumulations from a given date forward under defined conditions
reservoir	a subsurface rock formation containing an individual natural accumulation of moveable petroleum
unconventional reservoir	although there is no universally accepted definition unconventional reservoirs are widely accepted to mean those hydrocarbon reservoirs that are tight; that is have low permeability

 

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