Horse Hill Investment Update

RNS Number : 4022B

Solo Oil Plc

04 March 2014

 



For Immediate Release

4 March 2014

SOLO OIL PLC

("Solo")

Horse Hill Investment Update

Work commences on Horse Hill-1 well in the UK Weald Basin.

Solo Oil Plc (AIM: SOLO) is pleased to announce that it has been informed by the operator that civil works have now commenced on the Horse Hill site in the Weald Basin in preparation for the drilling of the proposed 2,646 metre (8,680 feet) Horse Hill-1 well, which lies about 3 kilometres from Gatwick Airport and is designed to test a number of promising conventional oil and gas targets.

The Horse Hill-1 well, which is scheduled to be completed by the end of August 2014, 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 the previous operator Magellan Petroleum Corporation. An additional mean 164 billion cubic feet ("bcf") of gross recoverable prospective gas resources were also estimated by Magellan Petroleum within the deeper Triassic play.

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

"Whilst the potential of the Horse Hill prospect has been recognised for some time it is only the recent receipt of planning permission and other associated approvals that provides impetus to the project.  The news that the site preparation is now underway is a further endorsement of the HHDL team and their ability to drill this well later in the year."

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

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 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.

-END-

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) Pelham Bell Pottinger                            Public Relations Mark Antelme  Henry Lerwill	[phone] [phone] [phone]

 

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