7 Feb 2017 07:15
FOR IMMEDIATE RELEASE, 7:15 am 7 February 2017
SOLO OIL PLC
("Solo" or the "Company")
Portland Oil in Place Upgraded
and Initial Reported Contingent Resources, Horse Hill Oil Discovery, UK
Solo today notes the announcement made by UK Oil and Gas Investments plc this morning concerning an upgrade of the Portland Sandstone oil in place at Horse Hill and the initial reporting of contingent resources at that level.
Neil Ritson, Solo's Chairman, commented:
"We are pleased with the continued progress towards commercial production being made at the Horse Hill discovery at the Portland level and we await with interest the long-term testing of the Portland Sandstone, and the more significant Kimmeridgian Limestones, that is planned at Horse Hill for later this year."
HH-1 Oil Discovery, Location and Company Interest
The HH-1 oil discovery well is located within onshore UK exploration Licence PEDL137, on the northern side of the Weald Basin near Gatwick Airport. HHDL holds a 65% interest in PEDL137 and is the licence's operator. Solo has a 10% ownership of HHDL which represents a 6.5% working interest 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 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 Jerry Keen
Beaufort Securities Joint Broker Jon Belliss
Cassiopeia Services Ltd Investor and Media Relations Stefania Barbaglio |
+44 (0) 20 7408 4090
+44 (0) 20 7382 8300
+44 (0) 79 4969 0338 |
Glossary:
contingent resources | those quantities of petroleum estimated, at a given date, to be potentially recoverable from known accumulations, but the associated projects are not yet considered mature enough for commercial development due to one or more contingencies |
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 |
oil in place (OIP) | oil in place or oil in the ground is the quantity of oil or petroleum that is estimated to exist originally in naturally occurring accumulations before any extraction or production |
reservoir | a subsurface rock formation containing an individual natural accumulation of moveable petroleum |
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 grains |