9 Mar 2016 07:00
FOR IMMEDIATE RELEASE, 7:00 am 9 March 2016
SOLO OIL PLC
("Solo" or the "Company")
Further Update on Horse Hill-1 Flow Test
Portland Zone, Sustained Rate of 168 barrels per day
Solo today announces that it has been informed by Horse Hill Development Limited, operator of the Horse Hill-1 ("HH-1") well, that 37-degree API, light, sweet, dry crude has flowed to surface, via rod pumping, at an average stabilised rate of 168 barrels per day ("bopd") over a continuous 9-hour period. The flow is from a 103-foot aggregate perforated zone within the Upper Portland sandstone interval at a depth of approximately 615 metres below ground level.
Maximum flow during this test period was restricted by the initial rod pump configuration. The flow test will now continue with a pump configuration designed to permit optimal flow rate over a longer period.
Neil Ritson, Solo's Chairman commented:
"The Horse Hill well continues to show excellent results from all levels having previously tested at rates up to 900 barrels oil per day from Kimmeridge limestones. The nearby Brockham field has been producing commercially for many years from the Portland sandstone at rates up to 140 bopd and consequently we look forward to the successful completion of the tests at HH-1, which we feel confident will demonstrate commercial production potential."
Solo owns a 6.5% interest in the Horse Hill well which is located on the north side of the UK Weald Basin close to Gatwick airport in PEDL137.
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:
API | American Petroleum Institute |
bopd | barrels of oil per day |
dry oil | crude oil produced with no appreciable quantity of water |
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 |