Increased Acreage Holdings, Weald Basin UK

RNS Number : 8653Q

Solo Oil Plc

04 September 2014

 



For Immediate Release

4 September 2014

SOLO OIL PLC

("Solo")

Increased Acreage Holdings, Weald Basin UK

Solo is pleased to announce that as a direct result of drilling operations commencing at Horse Hill on 2 September 2014, Horse Hill Developments Ltd ("HHDL") additionally owns a 65% participating interest in the adjacent United Kingdom Petroleum Exploration and Development Licence ("PEDL") 246.

PEDL 246 covers an area of 43.58 km² (10,769 acre) immediately east of and adjacent to the 99.29 km² (24,525 acre) Horse Hill PEDL 137 located in Surrey, where the Horse Hill-1 well is currently being drilled.

The transfer of the 65% interest in PEDL 246 to HHDL from Magellan Petroleum (UK) Limited, a subsidiary of Magellan Petroleum Corporation, is conditional only on gaining final approval from the UK Secretary of State for Energy and Climate Change.

Horse Hill Developments Ltd ("HHDL"), is a special purpose company with a 65% operating interest in PEDL's 137 and 246 in the Weald Basin to the north of Gatwick Airport in Surrey.  Solo has binding agreements in place to own a direct 10% interest in HHDL.

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

"The commencement of drilling operations at the Horse Hill-1 well has secured the HHDL consortium a further 43 km² of prospective acreage the Weald Basin.  Should the Horse Hill-1 well give positive results, as we hope, the presence of additional acreage on trend will significantly enhance the potential for future exploration and development."

The participants in the PEDL's 137 and 246 are HHDL (65%) and Magellan Petroleum Corporation (35%).

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]

 

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