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Market: AIM
Sector: Energy
EPIC: SOLO
Latest Price: 0.35p  (-2.78% Descending)
52-week High: 0.68p
52-week Low: 0.31p
Market Cap: 15.88M
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Solo Oil
www.solooil.co.uk
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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...

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Solo Oil says partner is making steady progress in Ontario

June 18 2012, 8:16am The comments followed an update by Reef on its progress in Ontario, Canada.

Solo Oil (LON:SOLO) this morning said its joint-venture partner Reef Resources (CVE:REE) is making “steady progress” in bringing the Ausable and Airport wells on stream and getting the Ausable enhanced oil production and gas cycling scheme fully commissioned.

The comments followed an update by Reef on its progress in Ontario, Canada, from which it emerged that the hoped-for production from the main Ausable oil production wells, including Ausable #5, has been deferred by “several weeks”.

 “However, it is clear that all the commissioning issues are with surface equipment and that the wells will meet previously anticipated performance expectations,” said Solo director Neil Ritson. 

“We believe that Reef can now complete the final facilities modifications quickly and that stable production can be initiated shortly."

The completions conducted on South Airport #1, North Airport #1 and the workover of Ausable #4 have been successfully completed, according to an earlier statement from Reef.  

Swabbing has been initiated on South Airport #1 and flow test results will be reported when a stabilized flow rate has been established, it added. 

The North Airport #1 multi-stage stimulation treatment was finalised on June 14, swabbing and flow results to be reported as they become available.  

Meanwhile, a workover on Ausable #4 was conducted to break down wellbore emulsions.  The chemical squeeze was successful and flow rates will be established once a venturi pump is installed and in operation, Reef added.

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