13 May 2015 14:00
FOR IMMEDIATE RELEASE 13 May 2015
SOLO OIL PLC
("Solo" or the "Company")
Horse Hill Licence Extension, UK Weald Basin
Solo is pleased to announce that it has been informed by Horse Hill Developments Ltd ("HHDL") that the exploration stage of the Horse Hill ("HH") PEDL137 licence, in which the Company has a 6.5% interest, has been extended for a further year by the Oil & Gas Authority ("OGA") (formerly the Department of Energy and Climate Change). The exploration stage of the PEDL137 licence has now been extended to 30 September 2016.
Subject to the results of an intended Horse Hill-1 ("HH-1") well flow test later in 2015, for which regulatory approval has been requested, the Company has been informed that HHDL will seek, in conjunction with the OGA and other regulators, to move the PEDL137 licence into the Production Period, via, inter alia, the submission of a Field Development Plan ("FDP") to the OGA. The PEDL137 licence provides for a potential Production Period of 19 years. HHDL has informed Solo that its application for the flow test is based on the 'roadmap' document published by the Department of Energy and Climate Change (now the OGA) for onshore oil and gas exploration in the UK.
Neil Ritson, Solo's Chairman, commented:
"There has been some recent speculation as to the status of the Horse Hill licences which has now been clarified by the extension, for one year, by the OGA whilst a flow test is conducted on the Horse Hill well and a field development plan submitted. We look forward to more news on the timing of the planned HH-1 flow test shortly."
Solo licence interests
Following the extension to the exploration stage of PEDL137 Solo has interests in the following oil and gas licences at Horse Hill:-
Asset | Licence | Licence Holder | Solo Interest | Operator or Non-Operator | Area (km2) | Current Licence Period Expiry |
Horse Hill 1 | PEDL137 | Horse Hill Developments Ltd | 6.5% | Non-Operator (HHDL Operator) | 99.29 | 30 September 2016 |
Horse Hill 1 | PEDL246 | Horse Hill Developments Ltd | 6.5% | Non-Operator (HHDL Operator) | 43.58 | 30 June 2019 |
Notes
1 UK exploration licences provide for the extension beyond the exploration stage into a production period, subject to meeting certain criteria, approval by the relevant authorities and, inter alia, the submission of an FDP to the OGA. Production Periods are typically for 20 years from grant of approval.
For further information:
Solo Oil plc Neil Ritson Fergus Jenkins | +44 (0) 20 7440 0642 |
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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
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