TIDMSOLO

RNS Number : 2974O

Solo Oil Plc

08 February 2016

FOR IMMEDIATE RELEASE, 7:00 am 8 February 2016

SOLO OIL PLC

("Solo" or the "Company")

Commencement of Flow Test Operations,

Horse Hill-1 Oil Discovery, Weald Basin, UK

Solo Oil PLC today announces that it has been notified by operator Horse Hill Developments Limited that operations have now commenced at the Horse Hill site to conduct the planned extended flow test over three separate zones in the Horse Hill-1 ("HH-1") oil discovery well.

Neil Ritson, Solo's Chairman, commented:

"Collecting flow rate and reservoir engineering data is a key step in establishing commerciality and designing a development programme. We therefore look forward with great interest to reviewing the data with the Horse Hill partners as those results become available."

The HH-1 discovery well, drilled at the end of 2014, is located within onshore exploration licence PEDL137, where Solo owns a 6.5% interest, located on the northern side of the Weald Basin near Gatwick Airport. The well identified oil bearing reservoirs in a number of intervals including the Portland Sandstone and the Kimmeridgian Limestones.

As previously reported, the extended flow test is designed to test both the oil bearing Upper Portland sandstone reservoir and two Kimmeridge limestone reservoirs beneath the Portland.

Testing operations are anticipated to take about 30 days to perform. The Company will report the results of the tests once analysed.

Solo's interest in the Weald Basin:

Solo's interests, comprise licences PEDL137 and PEDL246, are located on the northern side of the Weald Basin of South East England near Gatwick Airport. The HH-1 discovery well is located in PEDL137. Solo owns a 10% direct interest in Horse Hill Developments Ltd, a special purpose company, that owns a 65% participating interest and is the operator of these licences. The remaining 35% participating interest is held by Magellan Petroleum Corporation.

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 is a Fellow of the Geological Society of London.

For further information:

 
 Solo Oil plc 
  Neil Ritson 
  Fergus Jenkins             +44 (0) 20 3794 9230 
 
 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) 
   Bell Pottinger 
   Public Relations 
   Henry Lerwill 
   Cassiopeia Services 
   LLP                        +44 (0) 20 7408 4090 
   Investor Relations          +44 (0) 20 3772 2500 
   Stefania Barbaglio          +44 (0) 79 4969 0338

Glossary:

 
 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 
-----------  --------------------------------------------- 
 extended     a flow test, as per the permission 
  flow test    granted by the Oil and Gas Authority, 
               with an aggregate flow period duration 
               over all zones of greater than 96 
               hours and up to a maximum of 90 days 
-----------  --------------------------------------------- 
 flow test    a flow test or well test involves 
               testing a well by flowing hydrocarbons 
               to surface, typically through a test 
               separator. Key measured parameters 
               are oil and gas flow rates, downhole 
               pressure and surface pressure. The 
               overall objective is to identify the 
               well's capacity to produce hydrocarbons 
               at a commercial flow rate 
-----------  --------------------------------------------- 
 limestone    a sedimentary rock predominantly composed 
               of calcite (a crystalline mineral 
               form of calcium carbonate) of organic, 
               chemical or detrital origin. Minor 
               amounts of dolomite, chert and clay 
               are common in limestones. Chalk is 
               a form of fine-grained limestone 
-----------  --------------------------------------------- 
 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 sand 
-----------  ---------------------------------------------

This information is provided by RNS

The company news service from the London Stock Exchange

END

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February 08, 2016 02:00 ET (07:00 GMT)

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