31 Mar 2011 09:43
For Immediate Release
31 March 2011
SOLO OIL PLC
("Solo" or the "Company")
Update: Drilling by Reef Resources, Canada
Solo Oil plc, the AIM listed International Oil and Gas Exploration and Development Company, today announces the completion of drilling at the Ausable#5 well in South Western Ontario by its Joint Venture partner Reef Resources Limited ("Reef").
Reef's announcement; to the Toronto exchange, reads:
March 30, 2011 - Calgary, Alberta - Reef Resources Ltd. (REE - TSX.V) ("Reef" or the "Company") reports that drilling of its Ausable # 5 well reached total depth of 615 metres on March 29. A total of 4 cores were taken over a depth of 32 metres with overall good recoveries. Oil staining was observed on the core sample which is currently being analyzed with results to be released in the near future. Data from the core samples will provide information on cap rock integrity and will be utilized, in addition to existing 3D seismic data, to pinpoint further drilling targets for future horizontal wells in the Ausable pinnacle reef.
The Ausable # 5 wellbore is being logged to identify the intersected hydrocarbon zones in the Ausable reef at this location. Results will be analysed and released as soon as it is available.
The Ausable reef is currently on production and is generating revenue from the initial Enhanced Oil Recovery Natural Gas Recycling program which commenced in 4th quarter 2010.
Executive Director of Solo, Neil Ritson commented; "The presence of oil on the cores is considerable encouragement that we will be able to commercially produce this well whilst we awaiting the further planned development of the EOR scheme by Reef later this year."
Competent Person's Statement:
The information contained in this announcement has been reviewed and approved by Neil Ritson, Chief Executive Officer and Director for Solo Oil Plc who has 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.
Enquiries:
Solo Oil plc
David Lenigas
Neil Ritson
Tel +44 (0) 20 7016 5103
Beaumont Cornish Limited
Roland Cornish
Felicity Geidt
Tel +44 (0) 20 7628 3396
Glossary:
EOR - Enhanced Oil Recovery