Junior explorer Solo Oil reported Wednesday that it has agreed to buy a 10-percent stake in Horse Hill Development Ltd (HHDL) – a company that holds rights to gain the operatorship of and a 65-percent interest in the PEDL137 onshore license in the Weald Basin, southern England.
HHDL has an exclusive farm-in agreement with Magellan Petroleum (UK), which currently holds 100-percent of the 38-square mile PEDL137 exploration and production license, to earn the 65-percent interest by drilling a proposed 8,680-foot well (Horse Hill-1) on the license by the end of August this year.
The Horse Hill-1 well is planned to test a number of conventional stacked oil targets at the proven productive Portland sandstone, Corallian sandstone and Great Oolite limestone levels. Prospective recoverable resources are estimated to total a mean 87 million barrels; with an additional mean 164 billion cubic feet of recoverable prospective resources proposed within the deeper Triassic gas play.
Solo Managing Director Neil Ritson commented in a company statement:
"Solo is keen to expand its portfolio of global onshore oil and gas investments and the recent developments in the UK, have increased interest in the sector. The Horse Hill Wood prospect represents an immediate opportunity for the company to participate in a significant conventional onshore oil and gas play.
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