Solo has entered into a Binding Heads of Agreement (HOA) to buy a 10% interest in Horse Hill Development Ltd (HHDL), a special purpose company, which hold the rights to a 65% participating interest and operatorship, in licence PEDL137 onshore in the UK Weald Basin.

HHDL has an exclusive farm-in agreement with Magellan Petroleum (UK) Limited, a subsidiary of NASDAQ-listed Magellan Petroleum Corporation ("Magellan"), which currently own 100% of the 99.29 square kilometres (24,525 acre) Exploration and Development Licence No. 137 ("PEDL 137"). Under the agreement HHDL can earn a direct 65% participating interest and operatorship in the licence, under certain contractual conditions, through the drilling of the proposed 2,646 metres (8,680 feet) Horse Hill-1 exploration well by the end of August 2014.

Tags: Solo Oil