TIDMSOLO

RNS Number : 0782N

Solo Oil Plc

13 May 2015

FOR IMMEDIATE RELEASE 13 May 2015

SOLO OIL PLC

("Solo" or the "Company")

Horse Hill Licence Extension, UK Weald Basin

Solo is pleased to announce that it has been informed by Horse Hill Developments Ltd ("HHDL") that the exploration stage of the Horse Hill ("HH") PEDL137 licence, in which the Company has a 6.5% interest, has been extended for a further year by the Oil & Gas Authority ("OGA") (formerly the Department of Energy and Climate Change). The exploration stage of the PEDL137 licence has now been extended to 30 September 2016.

Subject to the results of an intended Horse Hill-1 ("HH-1") well flow test later in 2015, for which regulatory approval has been requested, the Company has been informed that HHDL will seek, in conjunction with the OGA and other regulators, to move the PEDL137 licence into the Production Period, via, inter alia, the submission of a Field Development Plan ("FDP") to the OGA. The PEDL137 licence provides for a potential Production Period of 19 years. HHDL has informed Solo that its application for the flow test is based on the 'roadmap' document published by the Department of Energy and Climate Change (now the OGA) for onshore oil and gas exploration in the UK.

Neil Ritson, Solo's Chairman, commented:

"There has been some recent speculation as to the status of the Horse Hill licences which has now been clarified by the extension, for one year, by the OGA whilst a flow test is conducted on the Horse Hill well and a field development plan submitted. We look forward to more news on the timing of the planned HH-1 flow test shortly."

Solo licence interests

Following the extension to the exploration stage of PEDL137 Solo has interests in the following oil and gas licences at Horse Hill:-

 
   Asset      Licence       Licence         Solo          Operator        Area       Current 
                             Holder        Interest    or Non-Operator    (km(2)      Licence 
                                                                            )         Period 
                                                                                      Expiry 
-----------  ---------  ---------------  ----------  -----------------  --------  ------------- 
                           Horse Hill 
   Horse                  Developments                  Non-Operator               30 September 
  Hill (1)    PEDL137          Ltd          6.5%       (HHDL Operator)    99.29        2016 
-----------  ---------  ---------------  ----------  -----------------  --------  ------------- 
                           Horse Hill 
   Horse                  Developments                  Non-Operator               30 June 
  Hill (1)    PEDL246          Ltd          6.5%       (HHDL Operator)    43.58     2019 
-----------  ---------  ---------------  ----------  -----------------  --------  -------------

Notes

(1) UK exploration licences provide for the extension beyond the exploration stage into a production period, subject to meeting certain criteria, approval by the relevant authorities and, inter alia, the submission of an FDP to the OGA. Production Periods are typically for 20 years from grant of approval.

For further information:

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

This information is provided by RNS

The company news service from the London Stock Exchange

END

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