Solo Oil Plc re Horse Hill Oil Discovery (1722W)
February 07 2017 - 2:15AM
UK Regulatory
TIDMSOLO
RNS Number : 1722W
Solo Oil Plc
07 February 2017
FOR IMMEDIATE RELEASE, 7:15 am 7 February 2017
SOLO OIL PLC
("Solo" or the "Company")
Portland Oil in Place Upgraded
and Initial Reported Contingent Resources, Horse Hill Oil
Discovery, UK
Solo today notes the announcement made by UK Oil and Gas
Investments plc this morning concerning an upgrade of the Portland
Sandstone oil in place at Horse Hill and the initial reporting of
contingent resources at that level.
Neil Ritson, Solo's Chairman, commented:
"We are pleased with the continued progress towards commercial
production being made at the Horse Hill discovery at the Portland
level and we await with interest the long-term testing of the
Portland Sandstone, and the more significant Kimmeridgian
Limestones, that is planned at Horse Hill for later this year."
HH-1 Oil Discovery, Location and Company Interest
The HH-1 oil discovery well is located within onshore UK
exploration Licence PEDL137, on the northern side of the Weald
Basin near Gatwick Airport. HHDL holds a 65% interest in PEDL137
and is the licence's operator. Solo has a 10% ownership of HHDL
which represents a 6.5% working interest in PEDL137.
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 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
Jerry Keen
Beaufort Securities
Joint Broker
Jon Belliss
Cassiopeia Services
Ltd
Investor and Media +44 (0) 20 7408 4090
Relations +44 (0) 20 7382 8300
Stefania Barbaglio +44 (0) 79 4969 0338
Glossary:
contingent resources those quantities of petroleum
estimated, at a given date, to
be potentially recoverable from
known accumulations, but the
associated projects are not yet
considered mature enough for
commercial development due to
one or more contingencies
--------------------- ----------------------------------------
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
--------------------- ----------------------------------------
oil in place oil in place or oil in the ground
(OIP) is the quantity of oil or petroleum
that is estimated to exist originally
in naturally occurring accumulations
before any extraction or production
--------------------- ----------------------------------------
reservoir a subsurface rock formation containing
an individual natural accumulation
of moveable petroleum
--------------------- ----------------------------------------
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
grains
--------------------- ----------------------------------------
This information is provided by RNS
The company news service from the London Stock Exchange
END
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