Solo Oil Plc Update on Investment (2324B)
October 05 2015 - 6:58AM
UK Regulatory
TIDMSOLO
RNS Number : 2324B
Solo Oil Plc
05 October 2015
FOR IMMEDIATE RELEASE 5 October 2015
SOLO OIL PLC
("Solo" or the "Company")
Weald Basin - Conceptual Low-Impact Oil Development Plan for
Jurassic Limestones
Solo notes the contents of UK Oil & Gas Investments PLC's
("UKOG") release in which the company announces that, as part of
its ongoing evaluation of the viability of the Jurassic Kimmeridge
limestone tight oil play in licences in the Weald and Purbeck-Wight
Basins of southern England where UKOG has interests, it has now
received conceptual oil development studies from Xodus Group Ltd.
("Xodus") and Barton Willmore. The conceptual studies are based on
developing potential sites across the Company's licences, each of
which would consist of a conceptual multi-well pad with 12
horizontal production wells delivering an estimated 2,500 barrels
of oil per day at peak production, plus an associated production
processing facility site.
The development studies are only conceptual at this stage and
should not be misconstrued so as to convey that recoverable
resources, contingent resources or reserves have been proven to
exist within the Jurassic limestone tight oil play at Horse Hill or
other assets in the Weald and Purbeck-Wight basins.
As a minority investor in the project, Solo are eagerly awaiting
the results of the flow testing of the Horse Hill-1 Portlandian
discovery which UKOG has previously said will be carried out before
the end of the year.
Qualified Person's Statement:
The information contained in this announcement has been reviewed
and approved by Neil Ritson, Chairman and Director for 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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