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Solo Oil Updates on Horse Hill Prospect

Source: www.gulfoilandgas.com 7/21/2014, Location: Europe

Solo Oil Plc announces that Horse Hill Developments Ltd ("HHDL") received formal notification from the UK Department of Energy and Climate Change ("DECC") on 17 July 2014 that:

- The Secretary of State has granted the transfer and apportionment of rights of 65% of Licence PEDL 137 from Magellan Petroleum (UK) Limited to HHDL.
- The Secretary of State has granted approval to the appointment of HHDL as Exploration Operator of Licence PEDL 137.

These approvals and consents granted by the DECC are valid until 17 October 2014, to enable HHDL to meet its obligation under the agreements in place between HHDL and Magellan Petroleum (UK) Limited to drill the Horse Hill-1 well on Licence PEDL 137.

Solo has a binding agreement in place to own a 10% interest in Horse Hill Development Ltd ("HHDL"), a special purpose company, which owns a 65% participating interest and operatorship of onshore licence PEDL137 in the UK Weald Basin.

The participants in the Horse Hill-1 well are HHDL (Operator) with a 65% working interest and Magellan Petroleum Corporation with a 35% interest.

Neil Ritson, the Companies Executive Director, commented: "We are delighted that the process of consents necessary to drill the Horse Hill-1 well are progressing well and that site preparation is on track for spudding shortly."

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