18 Sep 2014 14:00
For Immediate Release
18 September 2014
SOLO OIL PLC
("Solo" or the "Company")
Update, Horse Hill-1, Weald Basin UK
Solo Oil Plc (AIM: SOLO) today confirms that drilling operations on the Horse Hill-1 well are continuing as planned with the 20-inch surface casing having been set successfully at 84 feet below ground level. Operations are continuing at the site and further news will be issued as appropriate.
The Company is also pleased to confirm that Magellan Petroleum Corporation ("Magellan") have now confirmed that they will not proceed with their option to acquire additional logs beyond those required for the conventional targets in the Horse Hill-1 well. This will assist Horse Hill Developments Ltd ("HHDL") to complete the well on schedule in about six weeks.
Additionally, the original binding agreements previously put in place for Solo to own a 10% interest in HHDL have been converted to a definitive Investment Agreement confirming the Company owns 10% of HHDL. David Lenigas, the Chairman of Solo, has also been appointed as Chairman of HHDL.
Neil Ritson, Solo Executive Director, commented:
"Good progress is being made with this well and we are pleased with the support we have received from our partners and the local community. As the well advances towards the conventional oil targets in the Jurassic we anticipate an exciting few weeks ahead."
HHDL is a special purpose company which owns a 65% participating interest and operatorship of onshore licences PEDL 137 and the adjacent licence PEDL 246 in the UK Weald Basin. The participants in the Horse Hill-1 well are HHDL with a 65% working interest and Magellan with a 35% interest.
For further information:
Solo Oil plc Neil Ritson | +44 (0) 20 7440 0642 |
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)
Pelham Bell Pottinger Public Relations Mark Antelme Henry Lerwill
| +44 (0) 20 7408 4090
+44 (0) 20 7861 3232 |