TIDMSOLO

RNS Number : 1720S

Solo Oil Plc

19 December 2016

FOR IMMEDIATE RELEASE 19 December 2016

SOLO OIL PLC

("Solo" or the "Company")

Ntorya-2 Update, Tanzania

Solo is pleased to announce that Aminex plc, operator of the Ruvuma PSA in Tanzania, has advised the Company that the Caroil-2 rig has been formally accepted on contract following inspection by an independent surveyor and that Ntorya-2 drilling operations commenced over the weekend. Spudding of the Ntorya-2 appraisal well is expected in the next few days.

The Ntorya-2 well is planned to be drilled to an estimated total depth of 2,860 metres and is targeting the same sandstone channel complex as found at Ntorya-1, but located further up-dip. The well location is approximately 1,500-metre southwest from the Ntorya-1 discovery which (as reported in June 2012) flowed gas at 20 million standard cubic feet per day, with 139 barrels of associated condensate, from a 3.5-metre sandstone interval on test.

Solo has a 25% non-operating interest in the Ruvuma PSA and in the 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 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 
   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:

 
 barrel      45 US gallons 
----------  ---------------------------------- 
 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 
----------  ---------------------------------- 
 mm          million (ten to the power 6) 
----------  ---------------------------------- 
 mmscfd      million standard cubic feet of 
              gas per day 
----------  ----------------------------------

This information is provided by RNS

The company news service from the London Stock Exchange

END

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