Solo Oil Plc Update Ntorya Appraisal Well, Tanzania (7459M)
October 18 2016 - 2:00AM
UK Regulatory
TIDMSOLO
RNS Number : 7459M
Solo Oil Plc
18 October 2016
FOR IMMEDIATE RELEASE, 7:00 am 18 October 2016
SOLO OIL PLC
("Solo" or the "Company")
UPDATe NTORYA APPRAISAL WELL, TANZANIA
Solo is pleased to announce that the site preparations for the
Ntorya-2 appraisal well have now been completed and that
mobilisation of the Caroil#2 rig from the Ntorya-1 wellsite is now
underway.
The Ntorya-2 pad is located approximately 1.5 kilometres to the
southwest of the Ntorya-1 well. The rig and associated equipment
are being transported to the new site, will be rigged up and
tested, and will then undergo any maintenance required before being
taken on under the contract reported on 23 September 2016. The
majority of other well services have also now been contracted. Solo
therefore estimates that the Ntorya-2 appraisal well is likely to
spud in December 2016.
Solo holds a 25% interest in the Ruvuma Petroleum Sharing
Agreement ("Ruvuma PSA") which contains the Ntorya gas condensate
discovery made in 2012 with the Ntorya-1 well which was tested at a
rate of 20.1 million feet per day of gas ("mmscfd") and 139 barrels
per day of condensate from a 3.5 metre interval at the top of a 20
metre Cretaceous sandstone pay zone at a depth of approximately
2,600 feet.
The Ntorya-1 well has been credited in an independent report by
Senergy (GB) Limited with gross 153 billion cubic feet ("bcf") of
gas in place, of which 70 bcf are considered gross best estimate
contingent resources. A further gross best estimate of undiscovered
gas in place of over 1 trillion cubic feet is attributed to the
Ntorya Prospect as a whole and is the target of the Ntorya-2 well
which is being drilled updip and in a thicker part of the sand body
interpreted on the 2014 seismic data acquired to facilitate
appraisal.
The Ntorya discovery lies just 20 kilometres from the 36-inch
Mtwara to Dar es Salaam gas pipeline which was commissioned in late
2015 and is transporting produced gas from various fields,
including the Kiliwani North Field where Solo holds a 7.125%
interest, to gas markets in the north of Tanzania.
Neil Ritson, Solo's Chairman, commented;
"Advancing the Ntorya appraisal and its commercialisation is now
a key objective for Solo and we are pleased that rig mobilisation
is now underway. The discovery of gas in high quality Cretaceous
sandstone reservoirs in the onshore portion of the Ruvuma Basin
represents very significant value and we look forward to
confirmation of the spud date in due course."
The Ruvuma PSA is operated by Aminex plc who hold the remaining
75% working interest.
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:
bcf 10 to the power 9, or 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 10 to the power 12, or trillion, cubic feet
------------------------------- -------------------------------------------------------------------------------------
This information is provided by RNS
The company news service from the London Stock Exchange
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