Farmout of Ruvuma PSA, Tanzania

RNS Number : 3159U

Solo Oil Plc

11 July 2018

 

FOR IMMEDIATE RELEASE                                                           

11 July 2018

SOLO OIL PLC

("Solo" or the "Company")

Farmout of Ruvuma PSA, Tanzania

Solo Oil plc notes the contents of Aminex plc's ("Aminex") recent announcement concerning their proposed farmout of the Ruvuma Production Sharing Agreement containing the onshore gross 1.9 trillion cubic feet (322 million barrels oil equivalent) gas-in-place Ntorya discovery; where Solo holds a 25% interest. 

The Company will review Aminex's announcement in more detail and provide an update to the market shortly.

Neil Ritson, Solo's Executive Chairman, commented:

"This development provides a clear commercial and technical validation of the Ntorya project, which we hope will now move quickly towards production."

For further information:

Solo Oil plc Neil Ritson / Dan Maling	[phone]
Beaumont Cornish Limited Nominated Adviser Roland Cornish / Rosalind Abrahams	[phone]
Shore Capital Broker Jerry Keen Buchanan (PR) Ben Romney / Chris Judd / Henry Wilson	[phone] [phone]

Qualified Person's Statement:  

The information contained in this announcement has been reviewed and approved by Neil Ritson, Chairman and Director for Solo Oil plc, who has over 40 years of relevant experience in the oil industry.  Mr. Ritson is a member of the Society of Petroleum Engineers (SPE), an Active Member of the American Association of Petroleum Geologists (AAPG) and is a Fellow of the Geological Society of London (BGS).

Notes to Editors:

Solo is a natural resources investment company with a diverse portfolio of onshore assets, principally in Europe and Africa. The company seeks to deliver returns through early stage investment in promising projects and uses management's own sector expertise to assist in strategic asset development. Solo's portfolio currently includes extensive interests in the prolific Ruvuma Basin in Tanzania, the Horse Hill oil discovery in the Weald Basin, Helium One Limited, the Tanzanian helium exploration company, and Kiliwani North, a natural gas producing project in Tanzania.   

 

END

 

 

UPDSFESUFFASEIW