Solo Oil Plc Ntorya Gas Field Resource Upgrade (6590P)
September 04 2017 - 2:00AM
UK Regulatory
TIDMSOLO
RNS Number : 6590P
Solo Oil Plc
04 September 2017
FOR IMMEDIATE RELEASE 4 September 2017
SOLO OIL PLC
("Solo" or the "Company")
Ntorya Gas Field, Material Resource Upgrade to over 1.3 TCF
Solo, the resource investment company, today announces that
Aminex plc ("Aminex") operator of the Ruvuma Petroleum Sharing
Agreement ("Ruvuma PSA") in Tanzania, where Solo holds a 25%
interest, has confirmed a further material increase in the
estimates of gas initially in place ('GIIP') in the Ntorya
appraisal area.
Aminex has upgraded the unrisked resource estimates from 466
billion cubic feet ("bcf") Pmean GIIP to approximately 1,344 bcf
Pmean GIIP. This three-fold increase from the estimate provided
immediately after the Ntorya-2 well and issued in late April 2017
is based on ongoing technical work which includes; data from the
successful Ntorya-2 appraisal well, and subsequent re-evaluation of
existing seismic, including reprocessing of select seismic lines
and detailed review of all well data associated with the onshore
Ruvuma basin. The results of the additional work and the Ntorya-2
well have led to nearly an overall ten-fold increase in the
estimated in place resources in the Ntorya gas-condensate field as
compared to the estimates made following the original discovery
well Ntorya-1.
Based on this recent work, Solo now holds net resources of
approximately 335 bcf Pmean GIIP, which the Company estimates to be
in excess of 200 bcf (35 million barrels oil equivalent) of
contingent resources net to its 25% interest.
These internal Operator estimates cover the Ntorya appraisal
area only and do not include the potential of the adjoining
exploration acreage. Aminex, on behalf of the Ruvuma PSA, is in the
process of engaging an independent third party auditor to prepare
an updated reserves and resource report ("Competent Persons
Report") for the Ruvuma PSA.
The partners in the Ruvuma PSA also continue to work with io oil
& gas consultancy (a joint venture between Baker Hughes, a GE
Company, and McDermott) to prepare a gas commercialisation plan
which will be submitted together with the Ntorya Field development
plan to the Tanzania Petroleum Development Corporation ("TPDC") in
September.
Neil Ritson, Executive Chairman of Solo, commented:
"The updated modelling, mapping and corresponding resource
numbers continue to confirm that the Ruvuma Basin is a major
resource for Solo and its partner, Aminex, and is of significant
national importance to Tanzania. We and Aminex are working with the
TPDC on an optimal development plan to begin the Ntorya Field into
production as quickly as possible."
For further information:
Solo Oil plc
Neil Ritson / Fergus
Jenkins +44 (0) 20 7440 0642
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
Buchanan (PR) +44 (0) 20 7408 4090
Ben Romney / Chris +44 (0) 20 7382 8300
Judd / Henry Wilson +44 (0) 20 7466 5000
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 39 years of relevant experience in geology,
resource estimation and the oil and gas 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).
Glossary:
bcf billion cubic feet
--------------------- -----------------------------------------
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
--------------------- -----------------------------------------
condensate gas condensates are liquids that
can condense from gas when the
temperature and pressure drop
sufficiently low, typically condensates
exhibit API gravities of > 45
degree
--------------------- -----------------------------------------
contingent resources those quantities of petroleum
estimated, at a given date, to
be potentially recoverable from
known accumulations, but the
associated projects are not yet
considered mature enough for
commercial development due to
one or more contingencies
--------------------- -----------------------------------------
GIIP gas initially in-place
--------------------- -----------------------------------------
in-place the volume of hydrocarbons, oil
or gas, estimated to be in place
within the reservoir converted
to standard temperature and pressure
--------------------- -----------------------------------------
Pmean the most likely estimate of a
parameter based on all available
data being the estimate at the
mean of the probability distribution
--------------------- -----------------------------------------
PSA petroleum sharing agreement
--------------------- -----------------------------------------
resources those quantities of petroleum
which are estimated, at a given
date, to be present in a discovered
accumulation
--------------------- -----------------------------------------
seismic the use of sound waves generated
by a controlled source to ascertain
the nature of the subsurface
structure, lithology and fluid
content
--------------------- -----------------------------------------
tcf trillion cubic feet
--------------------- -----------------------------------------
TPDC Tanzania Petroleum Development
Corporation
--------------------- -----------------------------------------
Notes to Editors:
Solo Oil plc (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.
This information is provided by RNS
The company news service from the London Stock Exchange
END
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