Proactiveinvestors recommends
Additional Information
Market: AIM
Sector: Energy
EPIC: SOLO
Latest Price: 0.47p  (4.44% Ascending)
52-week High: 3.12p
52-week Low: 0.41p
Market Cap: 12.18M
1 year chart
digital-look imported chart image
1 day chart
digital-look imported chart image
Watchlist/Portfolio

Add to watchlist:

Only registered members can add into watchlist !

Register here !
Solo Oil
www.solooil.co.uk

Solo Oil plans to acquire a diverse portfolio of direct and indirect interests in exploration, development and production oil and gas assets which are based in the Americas, Europe or Africa. Both on-shore and off-shore interests will be considered. The intention is to acquire a widely distributed mix of oil and gas development and production assets.

Full Solo Oil profile here
Is SOLO a Buy, Sell or Hold?Get your FREE analysis of SOLO
Pdf

Solo Oil moves step closer to full production at Ausable field; shares up

16th Dec 2011, 3:22 pm by Giles Gwinnett Equipment to bring three wells onto production have arrived on the site, the firm said, relaying a statement from its JV partner Reef Resources (CVE:REE) to the Toronto Stock Exchange

Shares in oil and gas explorer Solo Oil (LON:SOLO) went up as it moved a step closer towards full production from the Ausable field in Ontario - revealing an update on operations.

Equipment to bring three wells onto production have arrived on the site, the firm said, relaying a statement from its JV partner Reef Resources (CVE:REE) to the Toronto Stock Exchange.

The completion programme for the upper Guelph and A2 gas zones in the Airport South No.1 well is currently being drafted with expected recompletion early next year, it also said.

The gas from the Airport South No.1 well will be used to re-pressurize the Ausable reef to further increase oil production.

Reef pointed out in the statement: "The success of the Ausable Field development ultimately depends on the availability of gas to re-pressurize and then maintain pressure in the Ausable reef so that oil and condensate can be withdrawn above the bubble point.

"The arrival and commissioning of the optimised pumps for all production wells is therefore coupled with additional gas supply from the adjacent North and South Airport reefs.

"We believe that the combination of these factors will provide a significant increase in field production in 2012."

Reef also announced that a further C$277,189 had been raised - as part of the refinancing package - bringing the total to C$1,965,415.

This funding therefore triggers the firm's additional investment of C$1.5 million and increases Solo's working interest in the Reef properties to 38.1 per cent.

Solo's executive director Neil Ritson said: "By bringing together the venturi pump system we have been testing at Ausable No.1 and the additional gas supply, Reef are able to move the project from proof of concept towards full production.

"This will occur over the next few months and we anticipate being able to report significantly higher production in 2012.  This marks a turning point in the project and we are delighted to be increasing our interest to 38 per cent."

As at 3.20pm, Solo's shares were up 7.02 per cent - to change hands at 0.61 pence each.

No investment advice

The Company is a publisher and is not registered with or authorised by the Financial Services Authority (FSA). You understand and agree that no content published on the Site constitutes a recommendation that any particular security, portfolio of securities, transaction, or investment strategy is suitable or advisable for any specific person. You further understand that none of the information providers or their affiliates will advise you personally concerning the nature, potential, advisability, value or suitability of any particular security, portfolio of securities, transaction, investment strategy, or other matter.

You understand that the Site may contain opinions from time to time with regard to securities mentioned in other products, including company related products, and that those opinions may be different from those obtained by using another product related to the Company. You understand and agree that contributors may write about securities in which they or their firms have a position, and that they may trade such securities for their own account. In cases where the position is held at the time of publication and such position is known to the Company, appropriate disclosure is made. However, you understand and agree that at the time of any transaction that you make, one or more contributors may have a position in the securities written about. You understand that price and other data is supplied by sources believed to be reliable, that the calculations herein are made using such data, and that neither such data nor such calculations are guaranteed by these sources, the Company, the information providers or any other person or entity, and may not be complete or accurate.

From time to time, reference may be made in our marketing materials to prior articles and opinions we have published. These references may be selective, may reference only a portion of an article or recommendation, and are likely not to be current. As markets change continuously, previously published information and data may not be current and should not be relied upon.