Neil Ritson, Solo’s Chairman, commented:
"Collecting flow rate and reservoir engineering data is a key step in establishing commerciality and designing a development programme. We therefore look forward with great interest to reviewing the data with the Horse Hill partners as those results become available."
The HH-1 discovery well, drilled at the end of 2014, is located within onshore exploration licence PEDL137, where Solo owns a 6.5% interest, located on the northern side of the Weald Basin near Gatwick Airport. The well identified oil bearing reservoirs in a number of intervals including the Portland Sandstone and the Kimmeridgian Limestones.
As previously reported, the extended flow test is designed to test both the oil bearing Upper Portland sandstone reservoir and two Kimmeridge limestone reservoirs beneath the Portland.
Testing operations are anticipated to take about 30 days to perform. The Company will report the results of the tests once analysed.
Solo’s interest in the Weald Basin:
Solo’s interests, comprise licences PEDL137 and PEDL246, are located on the northern side of the Weald Basin of South East England near Gatwick Airport. The HH-1 discovery well is located in PEDL137. Solo owns a 10% direct interest in Horse Hill Developments Ltd, a special purpose company, that owns a 65% participating interest and is the operator of these licences. The remaining 35% participating interest is held by Magellan Petroleum Corporation.
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.
