Upgraded Ntorya-1 reserves, Tanzania

RNS Number : 8400Q

Solo Oil Plc

04 September 2014

 



For Immediate Release

4 September 2014

SOLO OIL PLC

("Solo" or "Company")

Upgraded Ntorya Gas-Condensate Reserves, Tanzania

Solo today announces that it has been informed by the operator that recent interpretation of the recently acquired seismic data has increased the gas in place in the Ntorya-1 discovery to 1.9 trillion cubic feet ("tcf"), an increase of 70%.

Further to Aminex PLC's announcement earlier today, Neil Ritson, Solo Executive Director, commented: "The upgrade in resources is a very encouraging development and Solo looks forward to an appraisal programme that will lead to this gas being produced into the newly constructed pipeline facilities connecting the Ruvuma Basin to gas markets in Dar es Salaam."

The Ntorya-1 well was tested over an initial 3.5 metre sand interval at a rate 20.1 million cubic feet per day (equivalent to 3,350 barrels of oil per day), with an estimated additional 140 barrels per day of 48 degrees API condensate. Mean unrisked contingent in place gas resources of 1.1 tcf were originally estimated and have now been upgraded to 1.9 tcf by the operator on the basis of additional seismic acquired earlier this year. 

The Ruvuma PSC covers the onshore extension of the highly prolific basin in which multiple giant gas fields have been discovered offshore in both Tanzania and Mozambique during recent years. The presence of condensate represents a further positive aspect of the onshore play, since liquid hydrocarbons add considerable further commercial value and suggest the presence of a potential oil play; which has yet to be discovered.

The Ntorya-1 well was the second well drilled by Solo in the Ruvuma PSC, the first well, Likonde-1, also discovered gas at 3,647 metres, however, flow testing of the gas could not be carried out at the time due to mechanical restrictions on the drilling rig.  Further appraisal of the Likonde-1 is also under consideration.

Participants in the Ruvuma PSA are currently; Ndovu Resources Ltd (Aminex) 75% (operator) and Solo Oil Plc 25%.

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 over 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.

NOTE: The terms "Discovered" and "Undiscovered" Gas Initially-in-Place are used in accordance with the SPE Petroleum Resources Management System classification of 2007.  Previously; Contingent and Prospective Gas Initially-in-Place numbers are equivalent respectively to the Discovered and Undiscovered GIIP classification.

For further information:

Solo Oil plc Neil Ritson	[phone]
Beaumont Cornish Limited Nominated Adviser and Joint Broker Roland Cornish	[phone]
Old Park Lane Capital Plc Joint Broker Michael Parnes Shore Capital Joint Broker Pascal Keane Jerry Keen (Corporate Broker) Bell Pottinger                             Public Relations Mark Antelme Henry Lerwill	[phone] [phone] [phone]

 

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