Ntorya-2 Update, Tanzania

RNS Number : 1720S
Solo Oil Plc
19 December 2016
 

FOR IMMEDIATE RELEASE                                                                                     19 December 2016

 

SOLO OIL PLC

("Solo" or the "Company")

 

Ntorya-2 Update, Tanzania

 

Solo is pleased to announce that Aminex plc, operator of the Ruvuma PSA in Tanzania, has advised the Company that the Caroil-2 rig has been formally accepted on contract following inspection by an independent surveyor and that Ntorya-2 drilling operations commenced over the weekend.   Spudding of the Ntorya-2 appraisal well is expected in the next few days.

The Ntorya-2 well is planned to be drilled to an estimated total depth of 2,860 metres and is targeting the same sandstone channel complex as found at Ntorya-1, but located further up-dip.  The well location is approximately 1,500-metre southwest from the Ntorya-1 discovery which (as reported in June 2012) flowed gas at 20 million standard cubic feet per day, with 139 barrels of associated condensate, from a 3.5-metre sandstone interval on test. 

 

Solo has a 25% non-operating interest in the Ruvuma PSA and in the Ntorya-2 well.

 

Qualified Person's Statement:

The information contained in this announcement has been reviewed and approved by Neil Ritson, Chairman and Director of Solo Oil plc who has over 38 years of relevant experience in the energy sector. 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

Neil Ritson

Daniel Maling

+44 (0) 20 3794 9230

 

 

Beaumont Cornish Limited

Nominated Adviser and Joint Broker

Roland Cornish

+44 (0) 20 7628 3396

 

Shore Capital

Joint Broker

Jerry Keen

 

Beaufort Securities

Joint Broker

Jon Belliss

 

Cassiopeia Services Ltd

Investor and Media Relations

Stefania Barbaglio

 

+44 (0) 20 7408 4090

 

 

 

 

+44 (0) 20 7382 8300

 

 

 

+44 (0) 79 4969 0338

 

Glossary:

barrel

45 US gallons

discovery

a petroleum accumulation for which one or several exploratory wells have established through testing, sampling and/or logging the existence of a significant quantity of potentially moveable hydrocarbons

mm

million (ten to the power 6)

mmscfd

million standard cubic feet of gas per day

 


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