Drilling Rig Contract Signed for Ntorya-2 Well

RNS Number : 6113K

Solo Oil Plc

23 September 2016

 

FOR IMMEDIATE RELEASE, 7:00 am                                                                                    23 September 2016

SOLO OIL PLC

("Solo" or the "Company")

Drilling Rig ConTRACT SIGNED FOR NTORYA-2 APPRAISAL WELL

Solo has today been informed by the Ruvuma Petroleum Sharing Agreement ("PSA") operator, Aminex plc, that a rig contract has now been signed for the drilling of the Ntorya-2 appraisal well in the Ruvuma basin. The Carol#2 drilling rig, which is currently on the Ntorya-1 well pad, will shortly be mobilised to the Ntorya-2 pad which is located approximately 1.5 kilometres to the southwest.  The contract is for one firm well, with an option for a second well.

The Company has a 25% working interest in the Ruvuma PSA and the Ntorya-2 well is a key appraisal of the Ntorya-1 discovery which flowed 20 million standard feet per day with 139 barrels of associated condensate.  Aminex further advises that it remains on track to spud Ntorya-2 during Q4 2016.

Neil Ritson, Solo's Chairman, commented;

"We are delighted that the appraisal process at Ntorya is now gaining momentum.  We understand that the Carol#2 rig, which is already located nearby at the Ntorya-1 site, will be mobilised and rigged up shortly to drill this high impact well.  We look forward to further news as we move towards spud date."

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 Pascal Keane Jerry Keen (Corporate Broker) Cassiopeia Services Ltd Investor and Media Relations Stefania Barbaglio	[phone] [phone]

 

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