Solo Oil Plc Ntorya-2 Initial Well Results (0509W)
February 06 2017 - 2:00AM
UK Regulatory
TIDMSOLO
RNS Number : 0509W
Solo Oil Plc
06 February 2017
FOR IMMEDIATE RELEASE, 7:00 am 6 February 2017
SOLO OIL PLC
("Solo" or the "Company")
Ntorya-2 Initial Well Results
Solo is pleased to announce that the Ntorya-2 appraisal well in
the Ruvuma PSA in Tanzania has been successfully drilled to a depth
of approximately 2,750 metres and has encountered a 50-metre thick
gas-bearing reservoir interval, in excess of the Company's
prognosis prior to drilling.
The well intersected a gross gas-bearing sandstone reservoir
unit of approximately 51 metres thickness at a drilled depth of
2,596 metres. Preliminary petrophysical analysis using the Logging
While Drilling ("LWD") logs indicates between 25 to 30 metres of
net hydrocarbon-bearing reservoir within the gross interval.
Significant gas influxes and higher than expected pressures where
encountered whilst drilling the reservoir section. The well is
currently being deepened to a total depth of approximately 2,780
metres to allow for the setting of a 7-inch liner below the
reservoir interval.
Neil Ritson, Solo's Chairman, commented;
"We are extremely pleased with the results of the well which
fully confirm the presence of thicker gas bearing reservoirs up dip
from the gas condensate discovery at Ntorya-1. These results move
us a significant step forward in the commercialisation of the
Ntorya discovery and we look forward to some exciting further
results in the coming weeks."
Wireline logging will be conducted, after which a 7" liner will
be run over the reservoir section. Detailed petrophysical analysis
will be conducted on both the LWD and wireline logs. Preparations
are also currently underway for a comprehensive flow test of the
well.
The well also encountered traces of oil in the gross reservoir
interval and operator Aminex plc is now evaluating the implications
of this positive development through an updated basin model.
The well was spudded in the onshore Ruvuma Basin PSA on 21
December 2016 in order to further appraise the existing Ntorya
discovery. The Ntorya-2 well was targeting the same sandstone
channel complex as found at Ntorya-1, but located further up-dip.
The well location is approximately 1,500 metres southwest from the
Ntorya-1 discovery which (as reported in June 2012) flowed gas at a
rate of 20 million standard cubic feet per day, with 139 barrels of
associated condensate, from a 3.5-metre sandstone interval on
test.
Depending on the results of the well test, Aminex and Solo
expect to apply for a 25-year development licence over the Ntorya
Appraisal Area. The Ntorya field is located approximately 40
kilometres from the Madimba gas processing plant, which receives
gas into the National Gas Pipeline system to Dar es Salaam.
Solo has a 25% non-operating interest in the Ruvuma PSA, and in
the Ntorya discovery and Ntorya-2 well.
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 a Fellow of the Geological Society of London.
For further information:
Solo Oil plc
Neil Ritson +44 (0) 20 3794 9230
Beaumont Cornish Limited
Nominated Adviser and
Joint Broker
Roland Cornish +44 (0) 20 7628 3396
Shore Capital
Joint Broker
Jerry Keen
Beaufort Securities
Joint Broker
Jon Belliss
Cassiopeia Services
Ltd
Investor and Media +44 (0) 20 7408 4090
Relations +44 (0) 20 7382 8300
Stefania Barbaglio +44 (0) 79 4969 0338
Glossary:
appraisal the collection of additional
data, usually in the form of
additional wells, on an existing
discovery prior to sanctioning
a development plan
--------------------- -----------------------------------------
discovery a petroleum accumulation for
which one or several exploratory
wells have established through
testing, sampling and/or logging
the existence of a significant
quantity of potentially moveable
hydrocarbons
--------------------- -----------------------------------------
flow test a flow test or well test involves
testing a well by flowing fluids
to surface, typically through
a test separator. Key measured
parameters are water, oil and
gas flow rates, downhole pressure
and surface pressure. The overall
objective is to identify the
well's capacity to produce hydrocarbons
at a commercial flow rate
--------------------- -----------------------------------------
LWD logging while drilling, electric
logs installed within the bottom
hole assembly of the drilling
string to measure the rock and
fluid properties of the surrounding
formations whilst drilling
--------------------- -----------------------------------------
PSA petroleum sharing agreement or
contract
--------------------- -----------------------------------------
petrophysics the study of the physical and
chemical properties of rock formations
and their interactions with fluids
--------------------- -----------------------------------------
reservoir a subsurface rock formation containing
an individual natural accumulation
of moveable petroleum
--------------------- -----------------------------------------
sandstone a clastic sedimentary rock whose
grains are predominantly sand-sized.
The term is commonly used to
describe consolidated sand or
a rock made of predominantly
quartz sand
--------------------- -----------------------------------------
wireline or electric tools used within the wellbore
logs to measure the rock and fluid
properties of the surrounding
formations
--------------------- -----------------------------------------
This information is provided by RNS
The company news service from the London Stock Exchange
END
DRLUVVKRBSAURAR
(END) Dow Jones Newswires
February 06, 2017 02:00 ET (07:00 GMT)
Scirocco Energy (LSE:SCIR)
Historical Stock Chart
From Aug 2024 to Sep 2024
Scirocco Energy (LSE:SCIR)
Historical Stock Chart
From Sep 2023 to Sep 2024