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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
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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.

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Solo Oil reports spudding of North Airport well in Ontario

3rd Jan 2012, 11:31 am by Jamie Ashcroft Solo Oil reports spudding of North Airport well in Ontario

Solo Oil (LON:SOLO) today reported the spudding of the Airport North exploration well in Ontario Canada.

The company’s associate Reef Resources (CVE:REE) began drilling on December 29. The exploration well is located approximately 1 kilometre north of the Airport South reef. It has a targeted depth of 608 meters.  

Seismic data indicates the North Airport reef is potentially a gas and liquids prone reef, similar to Airport South, Reef said. The gas could be used as part of the Enhanced Oil Recovery (EOR) programme.

"Reef has made substantial progress across all aspects of the field development and we are delighted to be going into 2012 with additional stages of the Ausable gas cycling EOR programme well underway,” said Solo executive director Neil Ritson.

“The drilling of a further exploration well to assess further equity gas for the Ausable cycling scheme is a very positive additional aspect of the programme.   

“We expect further news on production and drilling through the first quarter."

If the North Airport well is successful it will be tied into the Ausable process facility for the EOR programme.  

Reef says that produced gas will be used for re-pressurization of the Ausable reef in order to increase oil production and natural gas liquids production recovered from the gas recycle process.  

The EOR programme involves pressurizing the reef formation with the gas that’s produced from the Airport South reef and, potentially, the North Airport well.  

Reef Resources could also accelerate the EOR program by purchasing natural gas from the local utility for recycling.

It is expected that Reef will complete and test the Upper Guelph and A2 gas zones in Airport South # 1 during the first quarter of 2012.  Construction work is expected to start later this month.  

Solo Oil currently has a 23.8 per cent working interest in the Reef properties and it will increase that stake to 38.1 per cent in the near future. 

 

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