Update on Investment

RNS Number : 2324B

Solo Oil Plc

05 October 2015

 

FOR IMMEDIATE RELEASE                                                                                                            5 October 2015

SOLO OIL PLC

("Solo" or the "Company")

Weald Basin - Conceptual Low-Impact Oil Development Plan for Jurassic Limestones

Solo notes the contents of UK Oil & Gas Investments PLC's ("UKOG") release in which the company announces that, as part of its ongoing evaluation of the viability of the Jurassic Kimmeridge limestone tight oil play in licences in the Weald and Purbeck-Wight Basins of southern England where UKOG has interests, it has now received conceptual oil development studies from Xodus Group Ltd. ("Xodus") and Barton Willmore. The conceptual studies are based on developing potential sites across the Company's licences, each of which would consist of a conceptual multi-well pad with 12 horizontal production wells delivering an estimated 2,500 barrels of oil per day at peak production, plus an associated production processing facility site.

The development studies are only conceptual at this stage and should not be misconstrued so as to convey that recoverable resources, contingent resources or reserves have been proven to exist within the Jurassic limestone tight oil play at Horse Hill or other assets in the Weald and Purbeck-Wight basins.

As a minority investor in the project, Solo are eagerly awaiting the results of the flow testing of the Horse Hill-1 Portlandian discovery which UKOG has previously said will be carried out before the end of the year.

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 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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