Solo Oil Plc Upate Ruvuma PSA, Tanzania (7074F)
August 01 2016 - 2:00AM
UK Regulatory
TIDMSOLO
RNS Number : 7074F
Solo Oil Plc
01 August 2016
FOR IMMEDIATE RELEASE, 7 am 1 August 2016
SOLO OIL PLC
("Solo" or the "Company")
Update Ruvuma PSA, Tanzania
Solo Oil is pleased to announce that it has been advised by the
operator Aminex plc ("Aminex") that the Mtwara Licence, of the
Ruvuma Production Sharing Agreement ('Ruvuma PSA') in Tanzania,
which was due to expire in December 2016, has now received formal
Ministerial approval and signature for an extension of one
year.
The Mtwara Licence, which includes the Ntorya Appraisal Area
where the Company has an existing discovery well, Ntorya-1, that
was tested at a rate of 20 million standard cubic feet per day
("mmscfd") of gas with 139 barrels of associated condensate per
day.
In related news, Aminex has also advised that civil work for the
construction of drilling site for the Ntorya-2 appraisal well has
now commenced and it is expected that the well pad will be
completed within approximately 10 weeks.
The Company has a 25% working interest in the Mtwara Licence and
in Ntorya-2 which is located approximately 1,500 metres south west
of the Ntorya-1 discovery well. The well will satisfy the Company's
appraisal drilling obligations in the Mtwara Licence, after which
the Company, jointly with Aminex, intends to apply for a 25 year
development licence subject to its success.
Neil Ritson, Solo's Chairman, commented:
"Solo is delighted with progress being made towards appraising
the discovery made at Ntorya-1 which is estimated to have the
potential for over 1 tcf of gas in place. The Company is currently
reviewing its options for funding its share of the planned well
costs and is in early discussions with potential farm-in
partners."
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 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
Fergus Jenkins +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 (Corporate
Broker)
Bell Pottinger
Public Relations
Henry Lerwill
Cassiopeia Services
LLP +44 (0) 20 7408 4090
Investor Relations +44 (0) 20 3772 2500
Stefania Barbaglio +44 (0) 79 4969 0338
Glossary:
mmscfd million standard cubic feet of gas per day
------- -------------------------------------------
tcf trillion standard cubic feet of gas
------- -------------------------------------------
This information is provided by RNS
The company news service from the London Stock Exchange
END
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