Solo Oil Plc Update on Kiliwani North, Ntorya, Tanzania (5658L)
July 20 2017 - 2:00AM
UK Regulatory
TIDMSOLO
RNS Number : 5658L
Solo Oil Plc
20 July 2017
FOR IMMEDIATE RELEASE, Embargoed until 7 am 20 July 2017
SOLO OIL PLC
("Solo" or the "Company")
Update on Kiliwani North, Ntorya, Tanzania
Solo Oil plc (AIM: SOLO), the natural resources investment
company focused on acquiring and developing a diverse global
non-operated portfolio of strategic oil and gas assets is pleased
to announce that the Company has been informed by Aminex plc,
Operator of the Kiliwani North Gas Field, that it has now received
a further payment from Tanzania Petroleum Development Corporation
('TPDC') for Kiliwani gas sales. Aminex continues to work with TPDC
to bring arrears fully up to date. The Company is further informed
that production from the Kiliwani North 1 well continues to average
15 MMcf/d during 2017.
In the Ruvuma area, Aminex is focused on updating its basin
model which includes preliminary re-mapping of multiple
stratigraphic fairways and updating resource numbers. A gas
development plan is being prepared by io oil & gas consultancy.
These, together with submission of the Ntorya Field development
plan to TPDC, are expected to be completed in early September.
Neil Ritson, Solo's Chairman commented:
"We are pleased to see that TPDC have made a further US$ payment
for our Kiliwani gas sales and that Aminex continue to work with
TPDC to bring payments up to date.
The Ruvuma basin modelling study is an important step in
optimising the development of the Ntorya gas field and Solo
continues to work closely with Aminex on this project.. We look
forward to being able to report the results of the study in the
coming quarter."
For further information:
Solo Oil plc
Neil Ritson / Dan 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
Buchanan (PR) +44 (0) 20 7408 4090
Ben Romney / Chris +44 (0) 20 7382 8300
Judd +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 38 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).
This information is provided by RNS
The company news service from the London Stock Exchange
END
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