Solo Oil advises that the Horse Hill-1 well has intersected the Portland Sandstone over the weekend and has encountered oil shows identified by mud logging from 2,100 feet to 2,140 feet measured depth (MD). At 14:00 hours yesterday, the well was drilling ahead at 3,030 feet MD towards the other primary and secondary targets.
Sandstone drill cuttings recovered from the well have been analyzed and are confirmed by the operator to have "a dull yellow fluorescence with a slow diffuse light blue cut with a trace of residual oil ring". This indicates the presence of oil within a porous and permeable rock matrix. Gas readings within the mud over the same interval were also elevated and recorded gases compositions consistent with the presence of oil.