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Solo Oil - DECC grants key approvals ahead of Horse Hill exploration well

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The Horse Hill project has moved forward with key approvals being granted by the UK’s Department of Energy and Climate Change (DECC) ahead of exploration drilling close to Gatwick airport.

Drilling is scheduled to start before the end of this month.

A syndicate of small cap companies are now staked in the project via a number of separate deals to acquire interests in the Horse Hill Development Limited (HHDL) vehicle, which itself recently acquired a 65% interest in the project.

DECC has now approved the transfer of 65% of the project to HHDL, and has also given approval to HHDL’s appointment as project operator.

From a regulatory point of view it clears the way for the drilling programme.

It is intended that the well will be drilled to a depth of 8,512 feet, targeting stacked conventional oil and gas targets.

"The site construction works are progressing to plan and we look forward to spudding the Horse Hill-1 well," said David Lenigas, who is chairman of a number of AIM quoted investors in Horse Hill.

Lenigas chairs UK Oil & Gas (LON:UKOG), Solo Oil (LON:SOLO) and would-be Welsh gold miner Stellar Resources (LON:STG) – which respectively own 13.5%, 10% and 10%  of HHDL.

Other participants include Doriemus Plc (LON:DOR) with 10% of HHDL, as well as mining juniors Regency Mines (LON:RGM) and Alba Minerals (LON:ALBA) which last week agreed to buy 5% of HHDL each.

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Price: 0.551 GBX

AIM:SOLO
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Market Cap: £3.48 m
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