SOLO.L Regulatory News (SOLO)

For Immediate Release, 7 am 18 June 2015

Solo Oil plc

('Solo' or 'the Company')

Independent Assessment of the Oil in Place of the Horse Hill Licences

Further to the report provided to UK Oil & Gas Investments PLC ("UKOG") and Solo by Nutech in relation to the Horse Hill-1 ("HH-1") well in the Weald basin, previously announced in April 2015, Solo has been advised that Nutech has now provided UKOG with an additional independent report of the estimated oil in place ("OIP") contained within the 55 square mile area covered by the Horse Hill licences (PEDL 137 and PEDL 246) ("Horse Hill") near Gatwick Airport, south of London, where Solo holds a 6.5% net attributable interest.

The new study calculates that the total Jurassic mudstone and tight limestone section of the Horse Hill licences contain a best estimate oil in place ("OIP") of 9,245 million barrels ("mmbbls"). The most significant OIP within the Jurassic section is contained within the mudstones and tight limestone sequences of the Kimmeridge Formation, with a calculated best estimate total Kimmeridge OIP of 5,230 mmbbls. 

This evaluation does not include the OIP for the Portland Sandstones, which has already been evaluated independently by Xodus Group and announced on 11 May 2015. The calculated OIP figures estimated by Nutech should not be construed as contingent resources or reserves.

Neil Ritson, Solo's Chairman, commented;

"Nutech have further advanced the understanding of the unconventional and tight limestone plays that were discovered in the Horse Hill-1 well in 2014 by extending their analysis into a small semi-regional evaluation covering the Horse Hill licences using their proprietary methodology. We look forward to further advances in the understanding of this potentially very valuable play as study work continues. We also look forward to the planned flow test of the conventional Portland Sandstone discovery made at HH-1 which is expected later in the year."

Solo's interest in Horse Hill:

Solo owns a 10 percent interest in Horse Hill Developments Ltd ("HHDL"), a special purpose company which owns a 65% participating interest and operatorship of onshore licences PEDL137 and the adjacent licence PEDL 246 in the UK Weald Basin. HHDL with a 65% working interest in PEDL137 and Magellan Petroleum Corporation with a 35% interest. Solo consequently has a net 6.5% interest in PEDL137 and PEDL246.

About Nutech:

Nutech (www.nutechenergy.com) is a global oil services company specialising in reservoir evaluation and optimisation at all stages of the exploration and production life-cycle. 

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 35 years of relevant experience in the oil industry. 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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