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.