Solo Oil looks to expand its onshore exploration campaign to the Isle of Wight.
The firm, which is behind the landmark Horse Hill find, confirmed in its latest operational report that it had bid for 200km onshore block in south of the Isle of Wight.
The latest company report said: “In October 2014 Solo teamed up with two of its Horse Hill partners, UK Oil and Gas Investments plc (“UKOG”) and Angus Energy Limited to make an application in the UK 14th Landward Licensing Round.
“The application was made for a 200 square kilometre onshore block in the south of the Isle of Wight, adjacent to UKOG’s existing offshore licence which contains an undrilled prospect that is considered to lie both on and offshore the south coast of the island and additional potential onshore in the north-east of the block around the previously drilled Arreton wells.”
The explorer is now waiting for final approval from the Oil and Gas Authority.
Elsewhere, the firm’s Horse Hill-1 Portlandian Sandstone discovery, now estimated to contain 21 million barrels of oil (“mmbbls”), is to be a flow tested before year end.
“This largely unconventional play in the Kimmeridge opens up large areas of the Weald Basin that may have potential for oil production, not limited to the PEDL 137 licence area where Horse Hill is located,” according to the report.
The report also confirmed the an operating loss of £372,000 year-to-date for Solo – down on last year’s £431,000.
The firm has raised £2.7million to fund its various investments for the year.