logo-loader
viewSolo Oil PLC

UPDATE - Horse Hill under starter's orders

Drilling has commenced on what could be one of Britain’s biggest onshore oil and gas prospects in several decades.

oilonshore_5406c1948b89d.jpg

---ADDS TIMETABLE, SHARE PRICES AND BROKER COMMENT---

Drilling has started on what could be one of Britain’s biggest onshore oil and gas prospects in several decades.

The Horse Hill-1 well, near Gatwick, will be key to unlocking an estimated mean 671mln barrels and 456bn cubic feet of gas.

It is being drilled to a total depth of more than 8,600 feet targeting the Portland and Corallian sandstones, the Great Oolite limestone formations, as well as a deeper conventional gas target in the Triassic.

The licence is 65% owned by special purpose vehicle called Horse Hill Developments Ltd (HHDL), which is operator, while Magellan Petroleum Corporation has a 35% interest.

However, quoted Solo Oil (LON:SOLO) and Regency Mining (LON:RGM) have binding agreements in place to acquire 10% and 5% respectively.

They aren’t alone in the venture, which also features as HHDL stakeholders David Lenigas’s UK Oil & Gas Investments (LON:UKOG), Stellar Resources (LON:STG), Doriemus (LON:DOR) and Alba Minerals (LON:ALBA).

Solo director Neil Ritson said: "We are very pleased that drilling operations are now underway on this exciting prospect that has both oil and gas targets that have proved to be productive for oil elsewhere in the basin.

“The next few weeks will be an exciting phase for this investment."

Solo led the pack with a 10% gain on the back of this morning's update, UK Oil & Gas was up 4%, while Stellar and Regency succumbed to profit taking following a run up ahead of the start of work.

Assessing the impact on Solo, Barney Gray, of Old Park Lane Capital, said: "With drilling operations now underway, we anticipate regular updates over the next few weeks as drilling progresses and various oil and gas targets are probed within the well.

"In the event of a successful outcome, we would expect to see significant upside to Solo’s current share price."

*Jason Robertson, analyst at Dowgate Capital, has produced this helpful timetable that gives his best guess at how the drilling will progress.

Day 1 (3rd Sept) – Spudding

Day 13 to 15 (15th -17th Sept) - Portland oil target

Day 25 to 27 (27th Sept - 29th Sept) - Corallian oil target

Day 33 to 34 (5th/6th Oct) - Gt. Oolite oil target

Day 49 to 60 (21 Oct to 1 Nov) - Triassic gas target

Quick facts: Solo Oil PLC

Price: 2.425 GBX

AIM:SOLO
Market: AIM
Market Cap: -
Follow

Add related topics to MyProactive

Create your account: sign up and get ahead on news and events

NO INVESTMENT ADVICE

The Company is a publisher. You understand and agree that no content published on the Site constitutes a recommendation that any particular security, portfolio of securities, transaction, or investment strategy is...

In exchange for publishing services rendered by the Company on behalf of Solo Oil PLC named herein, including the promotion by the Company of Solo Oil PLC in any Content on the Site, the Company receives from said...

FOR OUR FULL DISCLAIMER CLICK HERE

Watch

Solo Oil's Neil Ritson on Horse Hill, Ruvuma and plans to refresh the team

Neil Ritson, chairman of Solo Oil PLC (LON:SOLO), discusses with Proactive's Andrew Scott the first batch of production testing results from Horse Hill,  the decision by their partner at Ntorya, Aminex plc (LON:AEX) to farm-out two-thirds of its 75% interest in the project and the...

on 19/7/18

2 min read