Update - Kiliwani North Gas Field, Tanzania

RNS Number : 2138E

Solo Oil Plc

06 February 2015

 



FOR IMMEDIATE RELEASE, 7 am                                                                                                                          6 February 2015

SOLO OIL PLC

("Solo" or the "Company")

Update - Kiliwani North Gas Field in Tanzania

Solo today announces that the operator of the Kiliwani North ("KN") gas field, Aminex plc ("Aminex"), have advised the partners that the newly constructed gas export pipeline from the Songo Songo processing plant to the KN-1 gas well has been completed to within approximately 20 metres from the KN-1 production well-head.

The KN-1 well, when connected to the export pipeline, is expected to produce at least 20 million cubic feet per day.

Solo announced on 3 February 2014 that it has signed the Asset Purchase Agreement with Aminex plc ("Aminex") for the first 6.5% interest in the Kiliwani North Development Licence ("KNDL"). Solo has the option to purchase an additional 6.5% interest, during a period of 30 days after the Gas Sales Agreement ("GSA") has been approved by the Tanzanian Authorities.

Neil Ritson, Solo's Chairman, commented:

"As we reach the point of gas commercialisation we are naturally tracking the process very closely and shortly expect to see final hook-up and pressure testing get underway.  With the imminent hook-up we also remain extremely confident that the GSA will be signed in time to commence exports of gas from the field as soon as the facilities are complete."

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 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 Neil Ritson Fergus Jenkins	[phone]
Beaumont Cornish Limited Nominated Adviser and Joint Broker Roland Cornish	[phone]
Old Park Lane Capital Plc Joint Broker Michael Parnes Zoe Alexander Shore Capital Joint Broker Pascal Keane Jerry Keen (Corporate Broker) Bell Pottinger                            Public Relations Henry Lerwill	[phone] [phone] [phone]

 

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