Tanzania Drilling Update

RNS Number : 3081T

Solo Oil Plc

05 December 2011

 



For Immediate Release, 7 am

5 December 2011

SOLO OIL PLC

("Solo" or the "Company")

Tanzania Drilling Update

Solo Oil plc today announces an update on drilling of an exploration well, Ntorya-1, in the Mtwara Block of the Ruvuma Basin PSA ("PSA") in Tanzania with its partners Aminex plc ("Aminex") and Tullow Oil plc ("Tullow").

Aminex, operator of the PSA through its subsidiary Ndovu Resources Ltd, has advised that the Ntorya well site was completed in late October and that the rig accommodation has been fully installed.  The Caroil-6 rig, contracted to drill the well, has been successfully barged to Mtwara port and is now in transit 30 kilometres by road to the site.  Rig up is anticipated to take 12 days and the well is expected to spud around the third week of December 2011.

The Ntorya-1 well will be drilled to a depth of approximately 2026 metres and will test the Tertiary and late Cretaceous sandstone sequence identified in the Likonde-1 well previously drilled by the partners in the PSA 14 km to the north.  The Ntorya-1 well is planned to take 30 days to drill.

Ntorya-1 is the second well in the PSA and continues an active exploration program targeting the same hydrocarbon play as has already been proved successfully offshore.  Solo estimates the Ntorya prospect to have a mean unrisked potential resource of approximately 100 million barrels of oil or 600 billion standard cubic feet of gas, and a chance of success of 1 in 4. 

Solo holds an 18.75% interest in the PSA, with Aminex holding 56.25% and the balance (25%) held by Tullow.

Solo Executive Director Neil Ritson commented;

"The imminent spudding of the Ntorya-1 well is an important part of our program in Tanzania and we look forward to reporting regularly on progress."

For further information:

Solo Oil plc David Lenigas Neil Ritson	[phone]
Beaumont Cornish Limited Nominated Adviser and Joint Broker Roland Cornish	[phone]
Shore Capital Joint Broker Pascal Keane Jerry Keen (Corporate Broker) Pelham Bell Pottinger                             Public Relations Mark Antelme  Henry Lerwill	[phone] [phone]

Competent Person's Statement:

The information contained in this announcement has been reviewed and approved by Neil Ritson, Executive 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.

Glossary:

PSA                         - Production Sharing Agreement

 

END

 

 

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