"Nutech have further advanced the understanding of the unconventional and tight limestone plays that were discovered in the Horse Hill-1 well in 2014 by extending their analysis into a small semi-regional evaluation covering the Horse Hill licences using their proprietary methodology. We look forward to further advances in the understanding of this potentially very valuable play as study work continues. We also look forward to the planned flow test of the conventional Portland Sandstone discovery made at HH-1 which is expected later in the year."
Solo's interest in Horse Hill:
Solo owns a 10 percent interest in Horse Hill Developments Ltd ("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. HHDL with a 65% working interest in PEDL137 and Magellan Petroleum Corporation with a 35% interest. Solo consequently has a net 6.5% interest in PEDL137 and PEDL246.
Further to the report provided to UK Oil & Gas Investments PLC ("UKOG") and Solo by Nutech in relation to the Horse Hill-1 ("HH-1") well in the Weald basin, previously announced in April 2015, Solo has been advised that Nutech has now provided UKOG with an additional independent report of the estimated oil in place ("OIP") contained within the 55 square mile area covered by the Horse Hill licences (PEDL 137 and PEDL 246) ("Horse Hill") near Gatwick Airport, south of London, where Solo holds a 6.5% net attributable interest.
The new study calculates that the total Jurassic mudstone and tight limestone section of the Horse Hill licences contain a best estimate oil in place ("OIP") of 9,245 million barrels ("mmbbls"). The most significant OIP within the Jurassic section is contained within the mudstones and tight limestone sequences of the Kimmeridge Formation, with a calculated best estimate total Kimmeridge OIP of 5,230 mmbbls.
This evaluation does not include the OIP for the Portland Sandstones, which has already been evaluated independently by Xodus Group and announced on 11 May 2015. The calculated OIP figures estimated by Nutech should not be construed as contingent resources or reserves.
Told you so.... The only way is down for this share... As expected there is still no GSA (not that it would have made much difference), and no revenues (let alone profit) to be seen on the horizon.... Solo is in the business of selling dreams... and all they want is your money to keep doing this! Must be great fun to have a job like that.....
Bought on the HH news thinking it would fly as the rise was small :-( Some posters mention Dec 2016 as the golden ticket!! We don't even know what's going to happen in the next few minutes let alone 2016 (crystal ball is broken). I may be back :-) Bon chance.
I'm as disappointed and anyone, but we started the journey to farm out ruvuma late 2012. The data room opened early 2013 and nothing happened. So we were told seismic surveys were needed. They were done just over a year ago and Bernard Andre ( who seems to have quietly disappeared from the scene) gave us some good potential upgrades and still we have no interest, as far as we know. We have 18 months max to drill four wells.... There is definitely npotential, but will remain so until we get some concrete news IMO. The GSA will give us a bit of a boost, but if nothing moves regarding Ruvuma then we lose Kiliwani anyway. The saviour to me could be HH flow rates, but that is by no means a cert and seems like the initial ones will just be for the Portland. There is also IOW further down the track, but again, some time off. It seems to me the ones that make most money are the herds that come in on good news and exit with a quick, large profit, as seen at Ukog over the last year. Just my opinion.
for my pennies worth i think they (the FCA, LSE etc) should ban shorting in the UK......full stop.....just ban that whole side of it .....any company listed on the LSE ..... shorting is a cancer to this business and the prosperity of companies on the lse....
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