Update on Horse Hill Investment

RNS Number : 3290H

Solo Oil Plc

16 May 2014

 



For Immediate Release

16 May 2014

SOLO OIL PLC

("Solo" or "Company")

Update on Horse Hill Investment

Solo Oil Plc (AIM: SOLO) today announces that Angus Energy Limited ("Angus Energy") as operator of the Horse Hill Prospect in the Weald Basin, has advised that the proposed Horse Hill-1 well is on schedule for a spud date in July 2014.

Horse Hill Prospect:  

Angus Energy, the major shareholder of Horse Hill Development Ltd ("HHDL") and operator of the Horse Hill Petroleum Exploration and Development Licence No. 137 (PEDL 137) located in Surrey, have provided the following update on the proposed Horse Hill-1 well planned for completion by the end of August 2014.

·     All tenders are now out for the site construction and long lead items for the well.

·     The contracts for the drill rig and key service providers are in the final stages of negotiation.

·     Permitting is currently on track for a spud date in July 2014.

·     The depth of Horse Hill-1 well has been set to 8,512 feet to test conventional stacked oil and gas targets.

As previously announced on 4 March, the Horse Hill-1 well is planned to test several conventional stacked oil targets at the proven productive Portland sandstone, Corallian sandstone and Great Oolite limestone levels in the well-defined Horse Hill Prospect.  Gross prospective recoverable resources in these stratigraphic levels totalling a mean 87 million barrels ("mmbbls") have been estimated by Magellan Petroleum Corporation. An additional mean 164 billion cubic feet ("bcf") of gross recoverable prospective gas resources have been estimated by Magellan Petroleum Corporation within the deeper Triassic play.

Solo has a binding agreement in place to own a 10% interest in Horse Hill Development Ltd ("HHDL"), a special purpose company, which owns a 65% participating interest and operatorship of onshore licence PEDL137 ("Horse Hill") in the UK Weald Basin.

The participants in the Horse Hill-1 well are HHDL (Operator) with a 65% working interest and Magellan Petroleum Corporation with a 35% interest.

Glossary:

Prospective Resources	those quantities of petroleum which are estimated, at a given date, to be potentially recoverable from undiscovered accumulations
oil-in-place/OIP	the volume of oil estimated to be in place
gas-in-place/GIP	the volume of gas estimated to be in place

For further information:

Solo Oil plc David Lenigas	[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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