Solo Oil Plc Horse Hill Licence Extensions Agreed (2134D)
July 05 2016 - 2:00AM
UK Regulatory
TIDMSOLO
RNS Number : 2134D
Solo Oil Plc
05 July 2016
FOR IMMEDIATE RELEASE, 7:00 am 5 July 2016
SOLO OIL PLC
("Solo" or the "Company")
Horse Hill Licence Extensions Agreed
Solo today announces that it has been informed by Horse Hill
Developments Limited, operator of the Horse Hill-1 ("HH-1") well,
that the Horse Hill licences PEDL137 and PEDL246 ("HH Licences")
have been converted to the licence terms used in the recent 14th
Round, thereby permitting the HH Licences to continue without
further relinquishment. A Retention Area covering the entire 55
square mile licence area and an outline work program has been
agreed with the Oil and Gas Authority ("OGA").
The HH Licences will continue throughout the agreed work program
period currently set at 2 years for PEDL137 and 1 year for PEDL246.
The work program includes further long-term production testing of
three Kimmeridge Limestone zones and the overlying Portland
Sandstone, two further appraisal or development wells and 3D
seismic.
Neil Ritson, Solo's Chairman commented:
"We are pleased that the operator has agreed with the OGA to
adopt the 14(th) Round licence terms and that the entire licence
area will be retained during the ongoing appraisal of the Horse
Hill-1 discovery which tested at such exciting flow rates earlier
this year."
Solo owns a 6.5% interest in the HH Licence which is located on
the north side of the UK Weald Basin close to Gatwick airport.
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
This information is provided by RNS
The company news service from the London Stock Exchange
END
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