6 Aug 2014 11:28
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Don't have an account? Click here to register.'Excellent' Horse Hill flow rate results impress AIM quintet
Fri, 03rd Aug 2018 12:31
(Sharecast News) - Horse Hill's testing results at the Portland reservoir in the UK's Weald Basin on Friday implied equivalent rates of 401 and 414 barrels of oil per day, beating 2016 results.The maximum rate recorded at the site, which saw testing take place over two periods of six and two hours, was limited by the rod pump's maximum rate capacity of approximately 470 bopd, with a higher capacity rod pump now sourced and mobilised.Stakeholders in activities at Horse Hill include AIM traded firms UK Oil and Gas (UKOG), which holds a 32.435% beneficial interest, Solo Oil, which holds a 9.75% interest, Alba Mineral Resources, which has an 11.765% interest, Gunsynd, which holds a 1.3% interest, and Primorus Investments, a 3.25% interest.Each company holds its effective interest through investment in Horse Hill Developments Limited, which has a 65% interest in the project.Stephen Sanderson, UKOG's chief executive, said: "The excellent short-term high rate test results, combined with pressure build up data, provide further confidence that the next phases of the Portland test can deliver both an optimal sustainable long-term flow rate and deliver the primary objective of confirming the Portland's commercial viability."The next step will see flow optimisation efforts conducted in order to determine the maximum sustainable long-term flow rate and a 'lengthy stabilised flow period' will access a commercially viable oil volume.Neil Ritson, Solo Oil's chairman, said: "It should be stressed, however, that these rates are not the long-term sustainable rates of production from the well on which commerciality will be based and that Portland testing operations are continuing. Tests of the Kimmeridge Limestones are also to follow and the EWT (extended well test) program is expected to continue for a further 4 months."At 1626 BST UKOG's shares were up 8.61% at 1.96p, Solo's shares were unchanged at 2.35p, Alba Mineral's shares were up 2.16% at 0.52p, Gunsynd's shares were down 2.77% at 0.03p and Primorus' shares were down 1.81% at 0.15p.
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16 Jun 2014 13:37
Sector movers: Oil stocks track crude higher on Iraq violence
Rising crude prices helped lift stocks in the oil sector on Monday, as the ongoing violence in Iraq raised concerns about the knock-on effect on supply. Fighting between the Iraqi army and Sunni Islamist insurgents escalated this weekend after militants from the Islamic State of Iraq and the Levant
Read more16 Jun 2014 11:54
UK MIDDAY BRIEFING: Mixed News For London's IPO Market
LONDON (Alliance News) - Low-cost airline Wizz Air Holdings Monday pulled its planned initial public offering in London, blaming the recent volatility in airline stocks, but three other companies added themselves to the London IPO pipeline.
Wizz Air is the fourth co
16 Jun 2014 11:16
UK WINNERS & LOSERS: Miners Gain As China's Premier Promises Support
LONDON (Alliance News) - The following stocks are the leading risers and fallers within the main London indices midday Monday.
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FTSE 100 - WINNERS
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Fresnillo, up 2.3%, Glencore, up 2.0%, Anglo American
16 Jun 2014 07:38
Horse Hill Companies Rise As Work Starts On First Well Site
LONDON (Alliance News) - Solo Oil PLC, Stellar Resources PLC, Doriemus PLC and UK Oil & Gas Investments PLC all saw their shares rise early Monday after saying that the operators of the Horse Hill oil and gas prospect in the Weald Basin near Gatwick Airport had stared building the site for the Ho
Read more22 May 2014 11:13
Aminex And Solo Oil Complete 2D Seismic At Ntorya-1 In Tanzania
LONDON (Alliance News) - Aminex PLC and Solo Oil PLC Thursday said that 2D seismic studies to appraise part of their Ntorya-1 discovery at the Ruvuma Licence in Tanzania have been completed and processing has started. The oil and gas exploration and development companies said the overall pr
Read more22 May 2014 10:38
Solo Oil and Aminex complete 2D seismic acquisition
Oil and gas exploration group Solo Oil has completed a 2D seismic programme to appraise the 'up-dip' portion of the Ntorya discovery, in Tanzania. The group announced on March 27th that a programme of 2D seismic was planned in the Ntorya field of the onshore Ruvuma Petroleum Sharing Contract. This
Read more16 May 2014 11:46
Solo Oil, Stellar Resources, Doriemus And UK Oil & Gas Investments Say Horse Hill-1 On Schedule
LONDON (Alliance News) - Solo Oil PLC, Stellar Resources PLC, Doriemus PLC and UK Oil & Gas Investments PLC Friday announced that the Horse Hill-1 well is on schedule to go into test production during July towards planned completion in August. The four oil and gas exploration and developmen
Read more12 May 2014 14:47
DIRECTOR DEALINGS: Solo Oil CEO Buys Three Million shares
LONDON (Alliance News) - Solo Oil PLC Monday said that Chief Executive Officer Neil Ritson bought three million shares at an average price of 0.175 pence per share. Ritson now holds a total of 33 million shares, representing a 0.717% shareholding in the company. Solo Oil shares were u
Read more8 May 2014 16:49
DIRECTOR DEALINGS: Solo Oil Executive Director Buys Shares
LONDON (Alliance News) - Solo Oil PLC said Executive Director Neil Ritson bought 9 million shares at an average price of 0.16 pence per share on Thursday. The oil and gas exploration and development company said Ritson now holds 30 million shares in the company. Solo Oil shares closed
Read more29 Apr 2014 13:20
Solo Oil Pretax Loss Widens On Expenses, Impairments
LONDON (Alliance News) - Solo Oil PLC Tuesday said it widened its pretax loss for the 18 months ending December 31 compared to the previous year as increased administrative expenses and impairment charges hit the company. The oil and gas exploration and production company with assets in the
Read more16 Apr 2014 22:30
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LONDON (Alliance News) - This is a test from Alliance News. Please ignore. Copyright 2014 Alliance News Limited. All Rights Reserved.
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