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'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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27 Mar 2014 14:53

Solo Oil Says 2D Seismic Programme Underway In South-East Tanzania

LONDON (Alliance News) - Solo Oil PLC said Thursday that a seismic programme is now underway in south-east Tanzania. The company's investing policy is to acquire a diverse portfolio of direct and indirect interests in exploration, development and production oil and gas assets which are base

4 Mar 2014 11:57

Civil Works Start At Horse Hill Site In UK Weald Basin

LONDON (Alliance News) - Solo Oil PLC, Stellar Resources PLC, Doriemus Resources PLC and UK Oil & Gas Investments PLC Tuesday announced that civil works have now commenced on the Horse Hill site in the UK Weald Basin. The companies said civil works are in preparation for the drilling of a p

5 Feb 2014 09:00

Solo Oil Agrees To Buy 10% Stake In Horse Hill Development

LONDON (Alliance News) - Solo Oil PLC Wednesday said it has entered into a binding heads of agreement to buy a 10% interest in Horse Hill Development Ltd, a special purpose company which holds the rights to a 65% participating interest and operatorship in licence PEDL 137 onshore in the UK Weald

5 Feb 2014 08:12

UK MORNING BRIEFING: Insurers In Focus As Stephen Hester Joins RSA

LONDON (Alliance News) - Shares have continued their slide at the open Wednesday, despite a positive close overnight on Wall Street.

Brokers have been taking a look at UK insurers after RSA Insurance sprung a positive surprise late Tuesday by appointing turnaround a

3 Feb 2014 10:45

Aminex And Solo Oil Amend Ruvuma Production Sharing Contract

LONDON (Alliance News) - Aminex PLC and Solo Oil PLC announced Monday that a formal addition to the Ruvuma Production Sharing Contract has been signed with the Tanzanian Minister of Energy and Mines. The oil and gas exploration and development companies said that the addendum allows for the

19 Nov 2013 10:08

Solo Oil Starts Infill Seismic Survey Of The Ntorya Discovery

19 Nov 2013 08:07

AIM IN BRIEF: Centamin Further Reduces Stake In Nyota Minerals

21 Oct 2013 09:32

Solo Oil Increases Stake In Switzerland's Pan Minerals & Oil To 20%

4 Oct 2013 07:55

Solo Oil To Sell 29% Stake In SW Ontario Properties To Reef Resources

25 Sep 2013 08:41

Solo Oil Losses Narrow Due To One-Off Cost In 2012; Expenses Flat

8 Jul 2013 16:49

STOCKS NEWS EUROPE-UK small caps close up 0.5 pct

UK small caps rise 0.5 percent, outperforming a flat AIM share index , but lagging the mid-caps and the blue chips, up 1.5 percent and 1.2 percent, respectively. Solo Oil rallies 22 percent after the oil explorer receives an appraisal licence in Tanzania as part of the onshore Ruvuma psa ga

8 Jul 2013 08:58

STOCKS NEWS EUROPE-UK small caps climb 0.1 pct early on

UK small caps and junior-listed AIM shares rise 0.1 percent each, underperforming the mid-caps and the blue chips, which rise 0.9 percent and 1.0 percent, respectively. . Headlam, the European floorcoverings distributor, sheds 6.1 percent, top faller among the FTSE small caps, after warning

21 May 2013 09:04

Solo Oil boosted by developments in farm-out discussions

Solo Oil shares moved higher on Tuesday morning after the company clarified that FirstEnergy Capital, which is acting for both Solo and Aminex, continue to actively discuss a farm-out of the Ruvuma production sharing agreement (PSA) and said that currently there are on-going discussions with over fi

29 Jan 2013 11:44

Solo Oil extends farmout bid deadline

AIM-listed exploration and development company Solo Oil has extended the deadline for receipt of bids for the farm-out of its Ruvuma PSA in Tanzania until March 2013. In a company statement issued today, Neil Ritson, Solo Executive Director, said: "The level of interest has been very significant an

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'Excellent' Horse Hill flow rate results impress AIM quintet

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