17 Feb 2016 07:00
FOR IMMEDIATE RELEASE, 7:00 am 17 February 2016
SOLO OIL PLC
("Solo" or the "Company")
Update Horse Hill-1 Oil Discovery
Continuing Oil Flowing to Surface from Lower Kimmeridge Limestone
Solo today notes that UK Oil and Gas plc ("UKOG") have released a further announcement that light (40 degree API) dry oil has continued to flow naturally at a stabilised rate of over 450 barrels of oil per day ("bopd") from the Lower Kimmeridge limestone interval in the Horse Hill-1 well in PEDL137 during a second day of testing. Flow testing was performed for a total of 9 ½ hours yesterday through a smaller 28/64-inch choke and the produced oil has been sent by tanker to be refined.
Solo owns a 6.5% interest in PEDL137 which is located on the north side of the UK Weald Basin close to Gatwick airport.
Neil Ritson, Solo's Chairman commented:
"The exciting initial flow rate of over 450 bopd has been maintained for a second day which is further encouraging news from this well. Two further intervals are yet to be tested and we look forward to further news in the coming days."
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 |
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Glossary:
API | American Petroleum Institute |
bopd | barrels of oil per day |
choke | a device incorporating a fixed or variable orifice that is used to control fluid flow rate during testing of an exploratory discovery |
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 |
dry oil | crude oil produced with no appreciable quantity of water |
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 90 days maximum. |
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 |