Update on the Horse Hill-1 well

RNS Number : 6499J

Solo Oil Plc

16 June 2014

 

For Immediate Release

16 June 2014

SOLO OIL PLC

("Solo" or the "Company")

Update on the Horse Hill-1 Well

Solo today announces that Horse Hill Development Ltd ("HHDL"), the operators of the Horse Hill Prospect in the Weald Basin near Gatwick Airport, have advised that site construction has now commenced for the proposed 8,512 feet Horse Hill-1 well.  The well is expected to spud in July 2014 and is targeting a number of conventional stacked oil targets in Jurassic aged reservoirs and possible gas in the Triassic.

As announced 30 January 2014 Solo has a binding agreement in place to own a direct 10% interest in Horse Hill Development Ltd, a special purpose company that owns a 65% participating interest and operatorship of the Horse Hill Prospect.

After evaluating the Jurassic targets in the Portland sandstone, Corallian sandstone and Great Oolite limestone, the well is planned to be drilled to Triassic age formations in order to evaluate the potential, so far unexplored, for conventional gas within the Horse Hill structure.

Neil Ritson, Solo's Executive Director, commented:

"The imminent well site construction marks an important milestone in the Horse Hill-1 well and the next few months will be an exciting period for Solo and the partners in Horse Hill Development."

Horse Hill Wood Prospect:

Exploration and Development Licence No. 137 ("PEDL 137") covers an area of 99.29 square kilometres located in the Weald Basin in Surrey.  The Horse Hill Wood prospect lies about 3 kilometres north of Gatwick Airport and covers an area of up to 16 square kilometres in the south-west of PEDL 137.  The trap is a seismically defined tilted horst structure, similar to the Palmers Wood oil field which lies about 20 kilometres to the north-east.

The Collendean Farm-1 well, drilled by ESSO in 1964, lies on the north-eastern edge of the Horse Hill Wood structure and found good oil shows at various Jurassic levels. Recent seismic re-interpretation suggests that the Collendean Farm-1 well was drilled off structure on the downthrown side of the bounding fault and outside closure.

The Triassic reservoir has yet to be tested in this part of the Weald Basin and if present is likely to be gas charged. 

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.

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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