Solo Oil Plc re Horse Hill Oil Discovery (1722W)

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             [phone] 
 
 Beaumont Cornish Limited 
  Nominated Adviser and 
  Joint Broker 
  Roland Cornish             [phone] 
  Shore Capital 
   Joint Broker 
   Jerry Keen 
   Beaufort Securities 
   Joint Broker 
   Jon Belliss 
   Cassiopeia Services 
   Ltd 
   Investor and Media         [phone] 
   Relations                   [phone] 
   Stefania Barbaglio          [phone] 
 

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

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February 07, 2017 02:15 ET (07:15 GMT)