Drilling Report

RNS Number : 9099W
Solo Oil Plc
07 February 2012
 

For Immediate Release, 7 am

7 February 2012

 

 

SOLO OIL PLC

("Solo" or the "Company")

Ntorya-1 Drilling Update

 

 

Solo Oil plc today provides an update on the drilling of the Ntorya-1 exploration well in the Ruvuma Petroleum Sharing Agreement ("PSA") area onshore in Tanzania. 

 

The well was spudded on the 22 December 2011 and is now at a depth of 2,500 metres.  Sandstone reservoirs were not encountered as originally prognosed at depths between 1,800 to 1,900 metres, however sandstones were encountered at depths from 2300 metres to the current depth, over which minor gas shows were also observed.

 

Wireline logs and a seismic check-shot survey are now being recorded in order to evaluate the section already drilled and to determine if additional drilling is worthwhile.

 

The Ntorya-1 well is designed to test the high quality Basal Tertiary and Upper Cretaceous sands previously encountered in the Likonde-1 well, 14 kilometres to the north. 

 

Neil Ritson, Solo Executive Director, commented; 

 

"Ntorya is only the second recent well in the onshore portion of the Ruvuma basin in Tanzania and we are clearly still establishing the accurate correlation between the seismic and well stratigraphy.  Additional evaluation of these well results will I am sure be key in helping to unlock the potential for the Tertiary and Cretaceous hydrocarbon plays within the PSA."

 

Partners in the well are:

 

Ndovu Resources Ltd (Aminex)                       56.25% (operator)

Tullow Tanzania B.V.                                      25%

Solo Oil plc                                                      18.75%

 

Competent Person's Statement:  The information contained in this announcement has been reviewed and approved by Neil Ritson, Chief Executive Officer and Director for Solo Oil Plc who has 35 years of relevant experience in the oil industry.  Mr. Ritson is a member of the Society of Petroleum Engineers, an Active Member of the American Association of Petroleum Geologists and is a Fellow of the Geological Society of London.

 

For further information:

 

Solo Oil plc

David Lenigas

Neil Ritson

+44 (0) 20 7440 0642



Beaumont Cornish Limited

Nominated Adviser and Joint Broker

Roland Cornish

+44 (0) 20 7628 3396



Shore Capital

Joint Broker

Pascal Keane

Jerry Keen (Corporate Broker)

 

Pelham Bell Pottinger                            

Public Relations

Mark Antelme

Henry Lerwill

 

+44 (0) 20 7408 4090

 

 

 

 

+44 (0) 20 7861 3232                          

 


This information is provided by RNS
The company news service from the London Stock Exchange
 
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