The HH-1 discovery well, drilled at the end of 2014, is located within onshore exploration Licence PEDL137, on the northern side of the Weald Basin near Gatwick Airport, in which Solo owns a 6.5% interest. The well identified oil in a number of intervals including the Portland Sandstone and the Kimmeridgian Limestones.
Neil Ritson, Solo’s Chairman commented:
"We are pleased that consent to flow test the HH-1 discovery well has now been agreed by all relevant authorities. The results of the test will be important in determining the viability of a Portland oil development and will help to shape a development strategy. We hope that the test will also provide additional data on the Kimmeridge tight oil play in the Weald Basin.
The Company will to report the results of the test when known in due course.
Solo’s interest in the Licence Area and Horse Hill:
The Licence Area, comprising licences PEDL137 and PEDL246, is 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 ("HHDL") a special purpose company that owns a 65% participating interest and is the operator of the Licence Area. The remaining 35% participating interest in the Licence Area 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.
