Update on Horse Hill

RNS Number : 4133O

Solo Oil Plc

06 August 2014

 



For Immediate Release, Embargoed until 12 noon

6 August 2014

SOLO OIL PLC

("Solo" or "Company")

Update on Horse Hill Prospect, UK.

Environment Agency Permits Granted

Solo Oil Plc (AIM: SOLO) today announces that the operator, Horse Hill Developments Ltd ("HHDL"), has now been granted final approvals from the UK Environment Agency to proceed with the drilling of the Horse Hill -1 well at Horse Hill in Surrey.

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

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

"Recent heavy rainfall in the area has delayed the completion of site construction works, however, the concrete cellar is on-site and is ready to install once the ground conditions allow. We are therefore looking forward to spudding of this important Horse Hill-1 well shortly."

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

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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