Solo Oil Plc Drilling Rig Contract Signed for Ntorya-2 Well (6113K)
September 23 2016 - 2:00AM
UK Regulatory
TIDMSOLO
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 +44 (0) 20 3794 9230
Beaumont Cornish Limited
Nominated Adviser and
Joint Broker
Roland Cornish +44 (0) 20 7628 3396
Shore Capital
Joint Broker
Pascal Keane
Jerry Keen (Corporate
Broker)
Cassiopeia Services
Ltd
Investor and Media
Relations +44 (0) 20 7408 4090
Stefania Barbaglio +44 (0) 79 4969 0338
This information is provided by RNS
The company news service from the London Stock Exchange
END
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