Spudding of Ntorya-2

RNS Number : 5151S
Solo Oil Plc
21 December 2016
 

FOR IMMEDIATE RELEASE                                                                                                            21 December 2016

 

SOLO OIL PLC

("Solo" or the "Company")

 

Spudding of Ntorya-2

 

Solo is pleased to confirm that the Ntorya-2 appraisal well in the Ruvuma Basin, Tanzania, has now spudded as expected.

Neil Ritson, Solo's Chairman, commented;

"We are delighted to have confirmation of the start of drilling at the Ntorya-2 appraisal well in the Ruvuma Basin. This low risk step-out from the discovery well is anticipated to provide significant encouragement for the development of the field and the results are eagerly awaited."

 

The well is being drilled to an estimated total depth of 2,860 m targeting the same sandstone channel complex found at Ntorya-1.  The well location is 1.5 km from the Ntorya-1 discovery which flowed gas and condensate on test in 2012. 

 

The Company has a 25% non-operating interest in the well, operated by Aminex plc. Initial results are expected early next year.

 

 

For further information:

Solo Oil plc

Neil Ritson

+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:

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

 


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