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Solo Oil picks up Isle of Wight licence in new onshore round

Solo’s new licence covers an area of approximately 200 sq km covering five part blocks

The licence was a low-risk near-term appraisal and development project said the company

Solo Oil (LON:SOLO) shares jumped 18% as it was awarded a licence in the Isle of Wight in the latest UK onshore round.

The new licence covers an area of approximately 200 sq km covering five part blocks.

It will have a 30% interest in the new licence, which was made jointly alongside  fellow Horse Hill consortium member UK Oil & Gas (LON:UKOG).

The licence contains the onshore extension an undrilled conventional prospect, M, and an undeveloped Portland oil discovery at Arreton that was drilled in 1976 by British Gas.

Recent analysis of the Arreton-2 electric logs by Nutech indicated a total oil pay of 63 feet within the Portland with a possible  further 127 feet of total oil pay in limestones within the underlying Cornbrash and uppermost section of the Great Oolite reservoir formations.

Neil Ritson, Solo's chairman said the licence was a low-risk near-term appraisal and development project, complemented by high potential conventional and tight oil exploration upside for the future.

Shares rose 0.04p to 0.28p.

Quick facts: Solo Oil PLC

Price: 1.1375 GBX

Market: AIM
Market Cap: £7.19 m

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