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Solo Oil PLC says third Horse Hill flow test beats hopes

Over a continuous nine hour period, oil from the Portland section of the well flowed at 168 barrels per day

Horse Hill has delivered better than expected results in in the last three tests

-- adds broker comment --

The consortium behind the Horse Hill development well near Gatwick has posted another good result as flows from the shallowest part of the well matched the nearby Brockham discovery.

Over a continuous nine hour period, oil from the Portland section of the well flowed at 168 barrels per day from approximately 615 metres below ground level. The maximum flow during this test period was also restricted.

UK Oil & Gas (LON;UKOG) , the well’s operator, said that Horse Hill-1 has now produced at a combined average stable rate of over 1,528 bopd from the two Kimmeridge and Upper Portland zones.

Stephen Sanderson, UKOG's executive chairman said:  "The Horse Hill well still continues to flow and perform above management's expectations.

“Higher flow rates and markedly better crude quality than the Upper Portland oil from the nearby Brockham field make the HH-1's commercial prospects very real.

“We look forward to the results from the optimised pumping programme."

UK Oil & Gas has a 3.6% stake in Brockham, which was discovered in 1987 and has been producing at rates of up to 140 barrels per day for a number of years.

Solo Oil (LON:SOLO) is one of the Horse Hil consortium members with a 6.5% interest in the well.

Neil Ritson, Solo's chairman, said:  "The Horse Hill well continues to show excellent results from all levels having previously tested at rates up to 900 barrels oil per day from Kimmeridge limestones."  

Shore Capital added that the Horse Hill-1 well continues to show excellent results from all horizons, having previously tested at rates of up to 900bopd from the Kimmeridge limestones.

“In our opinion, today’s update further validates the outstanding results achieved to date from this well,” it said.

Shares in Solo eased 5% to 0.386p.


Quick facts: Solo Oil PLC

Price: 1.325 GBX

Market: AIM
Market Cap: £8.37 m

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