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Solo Oil - Horse Hill drilling accelerates

24/09/2014 by

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Solo Oil’s latest update reveals the drilling operation at the Horse Hill exploration project has moved from a trot to a gallop.

Drilling initially began early this month and today it was confirmed that the large Marriott 50 rig is now drilling ahead at a rate of 30 feet per hour.

This comes after a time-consuming ‘rig-up’ phase at the project, which is located just three kilometres from Gatwick airport.

The well’s current depth is around 116 feet.

Neil Ritson, Solo’s executive director, said he now expects the well to proceed to the first of the well’s conventional targets.

“We would expect significant news over the coming weeks as we reach the reservoirs previously drilled by Esso in the 1960's which intersected good oil shows in the nearby Collendean Farm-1 well," Ritson said.

Solo chairman David Lenigas, who is also chairman of a number of other stakeholders in the venture, told his Twitter followers: “HORSE HILL big rig is well and truly drilling now. Starter's pistol gone off for the Horse Hill Cup.”

“This rig is very large and took some time to piece together. Plus council would only let us worn [sic] 12 hrs a day with no work Sunday.”

Horse Hill’s primary oil reservoir target is the Portland Sandston at an expected depth of 2,200 feet, and the Corallian Sandstone at about 3,440 feet. The Great Oolite Limestone is a secondary target which is anticipated at a depth of 4,530 feet.

It is expected that the well will be drilled to a depth of 5,900 feet.

Solo has a 10% stake in Horse Hill Development Limited (or HHDL) which is a special purpose vehicle with a 65% interest in the project.

This article has been extracted from http://www.proactiveinvestors.co.uk/, please click on this link to read the article in full http://www.proactiveinvestors.co.uk/companies/news/72574/solo-oil-horse-hill-drilling-accelerates-72574.html

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