SOLO.L Regulatory News (SOLO)

FOR IMMEDIATE RELEASE 17 December 2015

SOLO OIL PLC

("Solo" or the "Company")

Licence Awarded in UK 14th Onshore Licensing Round

Solo is pleased to announce that it has been informed that the UK Oil and Gas Authority has today offered Solo a licence covering an area of approximately 200 square kilometres covering five part blocks (the "Licence") onshore on the Isle of Wight previously applied for by the Company for as part of the UK 14th Round. As previously announced on 29 October 2014 Solo plans to hold a 30% interest in the new licence.

Solo's application was made jointly with UK Oil & Gas Investments PLC ("UKOG") who are leading the joint bidding group. The Licence contains the onshore extension of the undrilled conventional M Prospect and an undeveloped Portland oil discovery at Arreton, as well further undrilled conventional oil prospects. Substantial potential for oil may also be present within the limestones and shales of the Kimmeridge Clay, Oxford Clay and Lias shale formations.

The Arreton-2 well, drilled in 1976 by British Gas, penetrated a large anticlinal structure and found strong oil shows in the Upper Jurassic Portland reservoir section. A recent petrophysical analysis of the Arreton-2 electric logs by Nutech has calculated a total oil pay of 63 feet within the Portland. A further 127 feet of total oil pay is also calculated in limestones within the underlying Cornbrash and uppermost section of the Great Oolite reservoir formations. A similar, but so far untested, prospect lies to the immediate south of the Arreton discovery.

The Licence award will also enable the drilling of the M Prospect from an onshore location. The M Prospect is located primarily in the contiguous offshore licence P1916 operated by UKOG, but also extends into the Licence. UKOG announced in March 2015 that the M Prospect contains significant mapped prospective oil in place within the conventional Portland and Triassic sections. Additional Portland and Triassic prospects have also been identified in the Licence on trend with the M Prospect.

The Arreton oil discovery and M prospect are currently the subject of an ongoing volumetric and recoverable resources analysis by Xodus Group Ltd who are preparing a Competent Persons Report.

UKOG, who will be the designated operator of the Licence, will now continue its discussions with the Local Planning Authority and will prepare the necessary regulatory consents to drill both the M Prospect and an appraisal/development well adjacent to the Arreton-2 oil discovery. Plans will also be advanced to acquire additional seismic coverage to further define the Arreton discovery and adjacent prospects.

Neil Ritson, Solo's Chairman Commented:

"The award of this licence represents a further significant step as the Company seeks to broaden its portfolio of UK oil development assets and it provides a combination of a low-risk near-term appraisal and development project, complemented by high potential conventional and tight oil exploration upside for the future."

Qualified Person's Statement:

The information contained in this announcement has been reviewed and approved by Neil Ritson, Chairman and Director for 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.

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