Solo Oil Plc Commencement of Flow Test Operations, Horse Hill-1 (2974O)
February 08 2016 - 1:00AM
UK Regulatory
TIDMSOLO
RNS Number : 2974O
Solo Oil Plc
08 February 2016
FOR IMMEDIATE RELEASE, 7:00 am 8 February 2016
SOLO OIL PLC
("Solo" or the "Company")
Commencement of Flow Test Operations,
Horse Hill-1 Oil Discovery, Weald Basin, UK
Solo Oil PLC today announces that it has been notified by
operator Horse Hill Developments Limited that operations have now
commenced at the Horse Hill site to conduct the planned extended
flow test over three separate zones in the Horse Hill-1 ("HH-1")
oil discovery well.
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.
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
Glossary:
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
----------- ---------------------------------------------
extended a flow test, as per the permission
flow test granted by the Oil and Gas Authority,
with an aggregate flow period duration
over all zones of greater than 96
hours and up to a maximum of 90 days
----------- ---------------------------------------------
flow test a flow test or well test involves
testing a well by flowing hydrocarbons
to surface, typically through a test
separator. Key measured parameters
are oil and gas flow rates, downhole
pressure and surface pressure. The
overall objective is to identify the
well's capacity to produce hydrocarbons
at a commercial flow rate
----------- ---------------------------------------------
limestone a sedimentary rock predominantly composed
of calcite (a crystalline mineral
form of calcium carbonate) of organic,
chemical or detrital origin. Minor
amounts of dolomite, chert and clay
are common in limestones. Chalk is
a form of fine-grained limestone
----------- ---------------------------------------------
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 sand
----------- ---------------------------------------------
This information is provided by RNS
The company news service from the London Stock Exchange
END
DRLAKPDKOBKDPBK
(END) Dow Jones Newswires
February 08, 2016 02:00 ET (07:00 GMT)
Scirocco Energy (LSE:SCIR)
Historical Stock Chart
From Apr 2024 to May 2024
Scirocco Energy (LSE:SCIR)
Historical Stock Chart
From May 2023 to May 2024