Tanzania Drilling Update

RNS Number : 5989U

Solo Oil Plc

23 December 2011

 



For Immediate Release

23 December 2011

SOLO OIL PLC

("Solo" or the "Company")

Tanzania Drilling Update

Solo Oil plc today announces that the Ntorya-1 well was spudded on 22 December at 19:00 hours local time in the Ruvuma Basin onshore in Tanzania. 

Ntorya-1 is located 14 kilometres south of the Likonde-1 well which was drilled in 2010 and proved the presence of an active petroleum system.   The Ntorya-1 well targets the same high quality Basal Tertiary and Upper Cretaceous sands encountered in the Likonde-1 well.  Solo estimates that the Ntorya Prospect has a probability of success of around 25%, with mean recoverable resource potential of 100 million barrels of oil equivalent.

Ntorya-1 will be drilled as a vertical well to a planned total depth of 2026m, using the Caroil-6 rig and is expected to reach the main target in around 30 days from spud.

Significant drilling events at Ntorya-1 will be reported to shareholders as the well progresses.

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	[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]

 

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