Solo Oil Plc Horse Hill-1 Planning application (6582M)
October 17 2016 - 2:00AM
UK Regulatory
TIDMSOLO
RNS Number : 6582M
Solo Oil Plc
17 October 2016
For immediate release
17 October 2016
Solo Oil Plc
("Solo" or the "Company")
Planning Application
Horse Hill-1 Oil Discovery, Weald Basin, UK
Solo today announces that Horse Hill Developments Ltd ("HHDL")
has informed the Company that HHDL recently submitted a planning
application to Surrey County Council seeking permission to conduct
further appraisal testing and drilling at the Horse Hill-1 ("HH-1")
oil discovery, located in licence PEDL137, close to Gatwick
Airport. The HH-1 oil discovery reported total flow rate of 1,688
barrels oil per day ("bopd") from two Kimmeridge limestones and the
overlying Portland Sandstone during a short period of testing in
early 2016. The Company holds a 6.5% working interest in
PEDL137.
Subject to the required regulatory approvals, the first phase of
the proposed development will consist of extended production
testing of four zones in HH-1, designed to confirm the
commerciality of the discovery, and to examine an additional
previously untested Kimmeridge limestone layer. Contingent on
successful testing it is planned to drill a deviated sidetrack
well, designated HH-1z, from the existing HH-1 borehole, and a new
well, Horse Hill-2 ("HH-2"). It is anticipated that on successful
completion of drilling operations, both the HH-1z and HH-2 wells
will undergo long-term production testing.
HHDL has also reported that feedback from a public consultation
process, undertaken in July 2016, and subsequent meetings with
local residents' representatives, has been incorporated into the
development design and planning application to minimize any
potential impacts on the locality. Local planning applications,
such as this one not requiring an Environmental Impact Assessment,
take approximately 13 weeks.
Neil Ritson, Solo's Non-executive Chairman, commented:
"This planning application is part of a multi-phase process
designed to move the Horse Hill discovery into near term oil
production and revenue generation. The data collected during the
planned appraisal work will also have further impact on
understanding the prospectivity of the HHDL licenses and the Weald
Basin more generally."
HHDL is a special purpose company, which owns a 65% working
interest and operatorship of the PEDL137 and adjacent PEDL246
licence. Solo owns a 10% beneficial shareholding in HHDL, equal to
a 6.5% net working interest in these licences.
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
Daniel Maling +44 (0) 20 3794 9230
Beaumont Cornish Limited
Nominated Adviser and
Joint Broker
Roland Cornish +44 (0) 20 7628 3396
Shore Capital
Joint Broker
Jerry Keen
+44 (0) 20 7408 4090
Beaufort Securities
Joint Broker
Jon Belliss
Cassiopeia Services +44 (0) 20 7382 8300
Ltd
Investor and Media
Relations
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 production a flow test, or extended well test
test as per the permission granted by
the Oil and Gas Authority, with
an aggregate flow period duration
over all zones of greater than 96
hours and up to 90 days maximum
-------------------- ------------------------------------------
sidetrack re-entry of a well from the well's
surface location with drilling equipment
for the purpose of deviating from
the existing well bore to achieve
production or well data from an
alternative zone or bottom hole
location
-------------------- ------------------------------------------
This information is provided by RNS
The company news service from the London Stock Exchange
END
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