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	[phone]
Beaumont Cornish Limited Nominated Adviser and Joint Broker Roland Cornish	[phone]
Shore Capital Joint Broker Jerry Keen Beaufort Securities Joint Broker Jon Belliss Cassiopeia Services Ltd Investor and Media Relations Stefania Barbaglio	[phone] [phone] [phone]

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

 

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