Update on Horse Hill Prospect, UK

RNS Number : 8002M

Solo Oil Plc

21 July 2014

 

For Immediate Release

21 July 2014

SOLO OIL PLC

("Solo" or "Company")

Update on Horse Hill Prospect, UK.

Solo Oil Plc (AIM: SOLO) today announces that Horse Hill Developments Ltd ("HHDL") received formal notification from the UK Department of Energy and Climate Change ("DECC") on 17 July 2014 that:

·     The Secretary of State has granted the transfer and apportionment of rights of 65% of Licence PEDL 137 from Magellan Petroleum (UK) Limited to HHDL.

·     The Secretary of State has granted approval to the appointment of HHDL as Exploration Operator of Licence PEDL 137.

These approvals and consents granted by the DECC are valid until 17 October 2014, to enable HHDL to meet its obligation under the agreements in place between HHDL and Magellan Petroleum (UK) Limited to drill the Horse Hill-1 well on Licence PEDL 137.

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 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.

Neil Ritson, the Companies Executive Director, commented: "We are delighted that the process of consents necessary to drill the Horse Hill-1 well are progressing well and that site preparation is on track for spudding shortly."

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 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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