TIDMSOLO

RNS Number : 1023N

Solo Oil Plc

14 May 2015

FOR IMMEDIATE RELEASE, 7 am 14 May 2015

SOLO OIL PLC

("Solo" or the "Company")

Tanzanian assets assessed in a new Competent Person's Report

Solo is pleased to announce that Aminex plc ("Aminex), operator for Solo's various interests in Tanzania, has today announced that a detailed technical evaluation of the Kiliwani North Development Licence (KNDL") and the Ruvuma Petroleum Sharing Contract ("PSC") assets has been completed by Senergy (GB) Limited ("LR Senergy") on behalf of their operated joint ventures.

Highlights:

Kiliwani North Development Licence (6.5% working interest)

-- Gross mean gas initially in place ("GIIP") of 44 billion cubic feet ("bcf") of which gross 28 bcf has been booked as best estimate (2C) contingent resources

Ruvuma PSA (25% working interest)

-- Ntorya-1 discovery attributed gross 153 bcf mean GIIP of which gross 70 bcf booked as best estimate (2C) contingent resources

-- Total gross mean GIIP for discovered and undiscovered resources of 4.17 trillion cubic feet ("tcf")

-- Four main leads (Ntorya Updip, Namisange, Likonde Updip, Sudi) high graded to drillable targets and attributed total gross 3 tcf mean GIIP

-- Basin remains significantly underexplored according to international standards with further potential in various plays

Upon the signing of a Gas Sales Agreement ("GSA") in the KNDL, which is expected prior to gas delivery, the Kiliwani North-1 resources are expected to be upgraded to a reserves category. Further appraisal of Ntorya-1 and agreement to a development plan may also allow resources from that discovery to progress to reserves over time.

Solo holds the right to acquire an additional 6.5% working interest in the KNDL for a payment of US$3.5 million within 30 days of the signing of the relevant GSA.

Neil Ritson, Solo's Chairman, commented:

"We are extremely pleased that an independent analysis of our various Tanzanian assets has again confirmed the presence of contingent gas resources in both Kiliwani North and Ntorya, along with considerable upside. We look forward to the commencement of gas sales at Kiliwani and to the announcement of further plans to appraise the Ntorya gas condensate discovery. Tanzania represents a major part of our portfolio and we are excited by the potential it represents."

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.

All estimates produced by LR Senergy comply with the 2007 Petroleum Resources Management System (PRMS) prepared by the Oil and Gas Reserves Committee of the Society of Petroleum Engineers (SPE).

Notes to Editors:

Solo is an oil and gas investment company which aims to acquire and develop a diverse global portfolio of oil and gas assets managed by competent operators who have relevant local expertise where they operate. Assets in the exploration, appraisal and near production phase as acquired to create a diversified portfolio of ventures that once matured can be produced or divested to create shareholder value.

Solo's current portfolio of non-operated oil and gas assets includes:

   --      Major interest, 25%, in the prolific Ruvuma PSC, Tanzania 
   --      Ntorya-1 (Ruvuma Basin, Tanzania) discovery which flowed 20 mmscfd and 139 bopd 
   --      More than 4 tcf of additional prospective resources identified in Ruvuma PSC 
   --      A 6.5% interest in Kiliwani North Development License and Kiliwani North-1 well, Tanzania

-- Participation in UK Weald Basin exploration projects, including a 6.5% interest in the Horse Hill discovery

   --      Participation in Nigerian Marginal Fields round through a 20% stake in Burj Africa 
   --      Enhanced Oil Recovery project in Ontario, Canada

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 
   Pascal Keane 
   Jerry Keen (Corporate 
   Broker) 
   Bell Pottinger 
   Public Relations 
   Henry Lerwill 
   Cassiopeia Services        +44 (0) 20 7408 4090 
   Investor Relations          +44 (0) 20 3772 2500 
   Stefania Barbaglio          +44 (0) 79 4969 0338

Glossary:

 
 bcf                              billion cubic feet 
-------------------------------  ------------------------------------------------------------------------------------- 
 best estimate                    an estimate representing the best technical assessment of likely projected volumes. 
                                  Often 
                                  associated with a central (2C), P(50) or Mean Value 
-------------------------------  ------------------------------------------------------------------------------------- 
 contingent resources             those quantities of petroleum estimated, as of a given date, to be potentially 
                                  recoverable 
                                  from known accumulations, but the applied project(s) are not yet considered mature 
                                  enough 
                                  for commercial development due to one or more contingencies 
-------------------------------  ------------------------------------------------------------------------------------- 
 discovery                        a discovery is 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 
-------------------------------  ------------------------------------------------------------------------------------- 
 gas initially in place or GIIP   the quantity of gas that is estimated to exist originally in naturally occurring 
                                  accumulations 
                                  before any extraction or production 
-------------------------------  ------------------------------------------------------------------------------------- 
 recovery or recoverable          the quantity or portion of petroleum, here gas, initially-in-place that can be 
                                  extracted by 
                                  a well or wells to the surface 
-------------------------------  ------------------------------------------------------------------------------------- 
 reserves                         reserves are defined by the SPE as those quantities of petroleum, here oil and gas, 
                                  which 
                                  are anticipated to be commercially recovered from known accumulations from a given 
                                  date forward 
-------------------------------  ------------------------------------------------------------------------------------- 
 tcf                              trillion cubic feet 
-------------------------------  -------------------------------------------------------------------------------------

This information is provided by RNS

The company news service from the London Stock Exchange

END

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