Solo Oil plc (LON: SOLO) is pleased to note the announcement made today by UK Oil & Gas Investments PLC entitled “Portland high-rate flow test successfully completed Horse Hill-1 (“HH-1″) Portland and Kimmeridge oil discovery, Weald Basin, UK” as set out in Appendix 1 below.
The Company holds a 9.75% beneficial interest in licence PEDL137 containing the HH-1 oil discovery.
Neil Ritson, Solo’s Chairman, commented:
“The recent high rate test of the Portland Sandstone continues the very positive indications already seen after re-opening the well and re-establishing flow from the Portland oil reservoir previously tested in 2016. It should be stressed, however, that these rates are not the long-term sustainable rates of production from the well on which commerciality will be based and that Portland testing operations are continuing. Tests of the Kimmeridge Limestones are also to follow and the EWT program is expected to continue for a further 4 months during which we anticipate further positive results to be announced. “