Horse Hill Licence Extensions Agreed

RNS Number : 2134D

Solo Oil Plc

05 July 2016

 

FOR IMMEDIATE RELEASE, 7:00 am                                                                                    5 July 2016

SOLO OIL PLC

("Solo" or the "Company")

Horse Hill Licence Extensions Agreed

Solo today announces that it has been informed by Horse Hill Developments Limited, operator of the Horse Hill-1 ("HH-1") well, that the Horse Hill licences PEDL137 and PEDL246 ("HH Licences") have been converted to the licence terms used in the recent 14th Round, thereby permitting the HH Licences to continue without further relinquishment.  A Retention Area covering the entire 55 square mile licence area and an outline work program has been agreed with the Oil and Gas Authority ("OGA").

The HH Licences will continue throughout the agreed work program period currently set at 2 years for PEDL137 and 1 year for PEDL246. The work program includes further long-term production testing of three Kimmeridge Limestone zones and the overlying Portland Sandstone, two further appraisal or development wells and 3D seismic.

Neil Ritson, Solo's Chairman commented:

"We are pleased that the operator has agreed with the OGA to adopt the 14^th Round licence terms and that the entire licence area will be retained during the ongoing appraisal of the Horse Hill-1 discovery which tested at such exciting flow rates earlier this year."

Solo owns a 6.5% interest in the HH Licence which is located on the north side of the UK Weald Basin close to Gatwick airport.

Qualified Person's Statement:

The information contained in this announcement has been reviewed and approved by Neil Ritson, Chairman and Director of Solo Oil plc who has over 38 years of relevant experience in the energy sector. 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 LLP Investor Relations Stefania Barbaglio	[phone] [phone] [phone]

 

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