8 Feb 2016 07:00
FOR IMMEDIATE RELEASE, 7:00 am 8 February 2016
SOLO OIL PLC
("Solo" or the "Company")
Commencement of Flow Test Operations,
Horse Hill-1 Oil Discovery, Weald Basin, UK
Solo Oil PLC today announces that it has been notified by operator Horse Hill Developments Limited that operations have now commenced at the Horse Hill site to conduct the planned extended flow test over three separate zones in the Horse Hill-1 ("HH-1") oil discovery well.
Neil Ritson, Solo's Chairman, commented:
"Collecting flow rate and reservoir engineering data is a key step in establishing commerciality and designing a development programme. We therefore look forward with great interest to reviewing the data with the Horse Hill partners as those results become available."
The HH-1 discovery well, drilled at the end of 2014, is located within onshore exploration licence PEDL137, where Solo owns a 6.5% interest, located on the northern side of the Weald Basin near Gatwick Airport. The well identified oil bearing reservoirs in a number of intervals including the Portland Sandstone and the Kimmeridgian Limestones.
As previously reported, the extended flow test is designed to test both the oil bearing Upper Portland sandstone reservoir and two Kimmeridge limestone reservoirs beneath the Portland.
Testing operations are anticipated to take about 30 days to perform. The Company will report the results of the tests once analysed.
Solo's interest in the Weald Basin:
Solo's interests, comprise licences PEDL137 and PEDL246, are located on the northern side of the Weald Basin of South East England near Gatwick Airport. The HH-1 discovery well is located in PEDL137. Solo owns a 10% direct interest in Horse Hill Developments Ltd, a special purpose company, that owns a 65% participating interest and is the operator of these licences. The remaining 35% participating interest is held by Magellan Petroleum Corporation.
Qualified Person's Statement:
The information contained in this announcement has been reviewed and approved by Neil Ritson, Chairman and Director of Solo Oil plc who has over 38 years of relevant experience in the energy sector. 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 Neil Ritson Fergus Jenkins | +44 (0) 20 3794 9230 |
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Beaumont Cornish Limited Nominated Adviser and Joint Broker Roland Cornish | +44 (0) 20 7628 3396 |
Shore Capital Joint Broker Pascal Keane Jerry Keen (Corporate Broker)
Bell Pottinger Public Relations Henry Lerwill
Cassiopeia Services LLP Investor Relations Stefania Barbaglio |
+44 (0) 20 7408 4090
+44 (0) 20 3772 2500
+44 (0) 79 4969 0338 |
Glossary:
discovery | a discovery is a petroleum accumulation for which one or several exploratory wells have established through testing, sampling and/or logging the existence of a significant quantity of potentially moveable hydrocarbons |
extended flow test | a flow test, as per the permission granted by the Oil and Gas Authority, with an aggregate flow period duration over all zones of greater than 96 hours and up to a maximum of 90 days |
flow test | a flow test or well test involves testing a well by flowing hydrocarbons to surface, typically through a test separator. Key measured parameters are oil and gas flow rates, downhole pressure and surface pressure. The overall objective is to identify the well's capacity to produce hydrocarbons at a commercial flow rate |
limestone | a sedimentary rock predominantly composed of calcite (a crystalline mineral form of calcium carbonate) of organic, chemical or detrital origin. Minor amounts of dolomite, chert and clay are common in limestones. Chalk is a form of fine-grained limestone |
sandstone | a clastic sedimentary rock whose grains are predominantly sand-sized. The term is commonly used to imply consolidated sand or a rock made of predominantly quartz sand |