3 Sep 2014 07:00
For Immediate Release
3 September 2014
SOLO OIL PLC
("Solo")
Drilling Commenced, Horse Hill-1, Weald Basin UK
Solo Oil Plc (AIM: SOLO) is pleased to announce that drilling operations on the Horse Hill-1 well have now commenced.
The Horse Hill-1 well in the onshore UK Weald Basin is planned to be drilled to a Total Depth of 2,646 metres (8,680 feet) and is designed to test a number of conventional stacked oil targets in the Jurassic in the proven productive Portland sandstone, Corallian sandstone and Great Oolite limestone formations, as well as a deeper conventional gas target in the Triassic.
Solo has a binding agreement in place to own a 10% interest in Horse Hill Development Ltd ("HHDL"), a special purpose company, which owns a 65% participating interest and operatorship of onshore licence PEDL137 in the UK Weald Basin. HHDL is the drilling operator.
Neil Ritson, the Company's Executive Director, commented:
"We are very pleased that drilling operations are now underway on this exciting prospect that has both oil and gas targets that have proved to be productive for oil elsewhere in the basin. The next few weeks will be an exciting phase for this investment."
The participants in the Horse Hill-1 well are HHDL (Operator) with a 65% working interest and Magellan Petroleum Corporation with a 35% interest.
About Horse Hill:
The 99.29 km2 (24,525 acre) Horse Hill Petroleum Exploration and Development Licence No. 137 (PEDL 137) is located in Surrey, a few miles north of Gatwick Airport.
The Horse Hill Prospect, which is being tested by the Horse Hill-1 well, has estimated original-oil-in-place, original-gas-in-place and prospective resources, as announced by Solo on 5 February 2014, are summarised in Table 1.
Target Reservoir Oil | OOIP Upside Potential (mmSTB) | OOIP Mean (mmSTB) | Prospective Resources Mean (mmSTB ) |
Upper Portland Sandstone | 116 | 57 | 17 |
Lower Portland Sandstone | 284 | 147 | 44 |
Corallian Sandstone | 67 | 33 | 10 |
Greater Oolite Limestone | 204 | 104 | 16 |
Total Oil | 671 | 341 | 87 |
Target Reservoir Gas | OGIP Upside Potential (bcf) | OGIP Mean (bcf) | Prospective Resources Mean (bcf) |
Triassic Sandstone | 456 | 234 | 164 |
Table 1: Horse Hill Prospect estimated OOIP, OGIP and Prospective Resources
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.
Glossary:
mmSTB | million Stock Tank Barrels (of oil) |
bcf | billion cubic feet |
Prospective Resources
| those quantities of petroleum which are estimated, at a given date, to be potentially recoverable from undiscovered accumulations |
original-oil-in-place/OOIP | the volume of oil estimated to be in place |
original-gas-in-place/OGIP | the volume of gas estimated to be in place
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For further information:
Solo Oil plc Neil Ritson | +44 (0) 20 7440 0642 |
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Beaumont Cornish Limited Nominated Adviser and Joint Broker Roland Cornish | +44 (0) 20 7628 3396 |
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Shore Capital Joint Broker Pascal Keane Jerry Keen (Corporate Broker)
Pelham Bell Pottinger Public Relations Mark Antelme Henry Lerwill
| +44 (0) 20 7408 4090
+44 (0) 20 7861 3232 |