Drilling Update, Horse Hill-1, Weald Basin UK

RNS Number : 4887U

Solo Oil Plc

16 October 2014

 



For Immediate Release

16 October 2014

SOLO OIL PLC

("Solo" or the "Company")

Drilling Update, Horse Hill-1, Weald Basin UK

Solo today advises that the Horse Hill-1 well has now been drilled to the third casing point at 6,612 feet measured depth ("MD"), and will now be electrically logged through the observed Jurassic reservoir sections. Electronic logging and full interpretation of these logs is expected to take approximately one week.

The depth of the third casing point was deepened from the previously prognosed at 5,900 feet to a depth of 6,612 feet MD due to a number of reservoir intervals being identified deeper and thicker than expected.

On completion of the detailed logging, it is planned that a 9 5/8-inch casing will be set prior to drilling in an 8 ½-inch hole to a total depth ("TD") of approximately 8,680 feet MD in order to test for deeper Triassic aged formations where further electric logs will be acquired.

As previously announced, oil shows from mud logging have been identified in the Portland Sandstones and additionally oil shows, mineral fluorescence and elevated gas readings of C1 through to C5 have been detected whilst drilling the well to the current depth. The significance of these hydrocarbon shows will only become clear following the analysis of the detailed down-hole electric logs.

Solo owns a 10% interest in HHDL, a special purpose company which owns a 65% participating interest and operatorship of onshore licences PEDL137 and the adjacent licence PEDL 246 in the UK Weald Basin.  The participants in the Horse Hill-1 well are HHDL with a 65% working interest and Magellan with a 35% interest.

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

"We look forward to the analysis of the electric logs through the Jurassic interval where reservoirs and oil shows have been observed whilst drilling.  The commercial significance of those will be assessed when all relevant data has been analysed.  The well is now expected to be deepened to the Triassic in order to explore for further reservoirs, anticipated to be gas charged, at a depth rarely tested so far in the Weald Basin."

Competent Person's Statement:

The information contained in this announcement has been reviewed and approved by Neil Ritson, Chief Executive Officer and Director for Solo Oil Plc who has over 35 years of relevant experience in the oil industry.  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.

Glossary:

Fluorescence:                   The natural property of minerals and fluids to emit light, characteristic in certain situations, of the presence of hydrocarbons

C1 to C5:                          Hydrocarbon gases from spectrometry showing the presence of C1 (methane), C2 (ethane), C3 (propane), C4 (butane) and C5 (pentane)

Oil shows:                          Indications of the presence of oil within a porous and permeable rock matrix

Drill cuttings:                    Rock chips from the subsurface formations recovered by filtering the drilling mud

MD:                                        measured depth

TD:                                          total depth

Mud logging:                     Analysis of rock and fluid samples recovered at surface from the drilling fluids (mud)

Mud gas:                              Gases recovered from the drilling fluids (mud)

(Drilling) Mud:                  Drilling fluid used to clean and lubricate the drilling process and recover  samples of the sub-surface formations to surface

For further information:

Solo Oil plc 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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