Our portfolio

Reef Resources

Solo owns a 28.56% interest in 23,500 acres of petroleum leases in southern Ontario which contain a number of Ordovician reefal structures which contain variously oil, gas and condensate. 

2011

The Ausable #5 well was drilled to a total depth of 615 metres and showed excellent net oil pay of 72 metres in the centre of the reef. The Ausable reef structure is estimated to contain overall liquid hydrocarbon resources of 8.9 million barrels oil equivalent in–place. Based on other analogous gas cycling schemes in Canadian reefs, such as Golden Spike Field, it was expected that recovery rates in excess of 70%, and potentially as high as 90%, could be achieved.

2012

Successful  drilling of the Airport North #1 well which discovered additional gas reserves. The gas was piped to the Ausable field via a newly constructed pipeline tie-in and re–injected into the reservoir to increase overall oil and condensate recovery.

2012 to Present

The operator, Reef Resources Inc., has not been unable to raise the necessary funds to continue funding its share of the development of the Ausable gas condensate field and no alternative has so far been found to unlock the potential. Solo’s management continues to seek ways to advance or monetise the investment made in the Ausable and adjacent Airport fields, and hopes to report progress in due course.