Solo Oil unveils oil discovery at Horse Hill-1 well in UK

Solo Oil has unveiled an oil discovery at the Horse Hill-1 well, which is situated on the northern side of the Weald Basin in the UK.

An oil accumulation was discovered in the conventional Upper Jurassic Portland Sandstone at a top reservoir with depth of 1,791 feet TVDss.

The preliminary testing estimated 3.1 million barrels of gross in place and hydrocarbon volume has been calculated within the upper Portland.

A further hydrocarbon volume of 16.8mmbbl of oil has been uncovered in separate lower sand in the Portland interval, which is situated in an untested fault block to the South.

The well is also being deepened to the Triassic, where a further target for potential gas is anticipated to be reached shortly.

Solo Oil chairman Neil Ritson said: "The presence of a larger, unappraised, Portland feature creates considerable further upside. We are now looking forward to drilling the Triassic, which is a new and untested exploration target in the area and which, if successful, may contain appreciable volumes of gas."

Solo Oil has a 10% stake in Horse Hill Development Limited (HHDL), a special purpose company.

UK Oil & Gas Investments (UKOG) owns a 20% direct interest in HHDL, which has a 65% participating interest and operates onshore licences PEDL 137 and the adjacent licence PEDL 246 in the Weald Basin.

HHDL owns a 65% working interest in the Horse Hill-1 well and Magellan Petroleum holds the remaining stake.

Solo Oil’s net interest in any discovery is 6.5%. UKOG’s net attributable interest in PEDL 137 and 246 is 14.56%.