4 Jan 2016 07:00
FOR IMMEDIATE RELEASE, 7:00 am 4 January 2016
SOLO OIL PLC
("Solo" or the "Company")
Final Flow Test Consent
Horse Hill-1 Oil Discovery, Weald Basin, UK
Solo Oil PLC today announces that it has been notified by Horse Hill Developments Limited ("HHDL") that the Oil and Gas Authority has granted consent for an extended flow test over three separate intervals in the Horse Hill-1 ("HH-1") oil discovery well. All necessary permissions to flow test the well are now in place.
The HH-1 discovery well, drilled at the end of 2014, is located within onshore exploration Licence PEDL137, on the northern side of the Weald Basin near Gatwick Airport, in which Solo owns a 6.5% interest. The well identified oil in a number of intervals including the Portland Sandstone and the Kimmeridgian Limestones.
Neil Ritson, Solo's Chairman commented:
"We are pleased that consent to flow test the HH-1 discovery well has now been agreed by all relevant authorities. The results of the test will be important in determining the viability of a Portland oil development and will help to shape a development strategy. We hope that the test will also provide additional data on the Kimmeridge tight oil play in the Weald Basin.
The Company will to report the results of the test when known in due course.
Solo's interest in the Licence Area and Horse Hill:
The Licence Area, comprising licences PEDL137 and PEDL246, is 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 ("HHDL") a special purpose company that owns a 65% participating interest and is the operator of the Licence Area. The remaining 35% participating interest in the Licence Area 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 |
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 rate |
tight oil | oil found or expected to be present within a reservoir with low permeability, i.e. a tight reservoir. The term, in the case of the Weald Tight Oil Plays, is applied to a play where trapped petroleum accumulations are expected to be pervasive throughout a large area and that are not significantly affected by hydrodynamic influences (also called "continuous-type deposits") |