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Solo Oil completes Horse Hill stake acquisition

The acquisition comes ahead of a new phase of testing at Horse Hill due to start early in the second quarter
oil and gas operations
Testing will address the conventional Portland discovery as well as the deeper Kimmeridge play

Solo Oil PLC (LON:SOLO) has confirmed the completion of its deal to acquire an additional stake in the Horse Hill project, onshore UK.

All conditions to the transactions have been fulfilled, and it will now pay £650,000 and issue consideration shares to the seller Primorus Investments Plc.

READ: Solo Oil ups stake in Horse Hill, launches share placing

Concurrently, the company takes up the additional 5% interest in the Horse Hill Developments Limited (HHDL) vehicle, which in turn owns 65% of the Horse Hill oil discovery. The AIM-quoted explorer will then own 15% of HHDL, equating to 9.75% of the underlying project.

Solo, meanwhile, highlighted that the new phase of testing is due to start at Horse Hill early in the second quarter.

"With testing due to commence shortly at Horse Hill we are pleased to have increased our interest in this exciting opportunity and look forward to more news as operations get underway later this month,” said Neil Ritson, Solo executive chairman.

The expectation is that the testing programme will lead the a declaration of commerciality at the Portland Sandstone reservoir - which is the shallower, conventional reservoir – where in the previous round of tests in 2016 some 320 barrels of oil per day were produced.

Testing will also address the deeper Kimmeridge Limestone reservoirs, and the whole programme is expected to run for a total of 150 days.

 

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