Solo Oil Plc Update - Ruvuma PSC, Tanzania (1130A)
December 18 2014 - 2:00AM
UK Regulatory
TIDMSOLO
RNS Number : 1130A
Solo Oil Plc
18 December 2014
For Immediate Release, 7 am 18 December 2014
Solo Oil plc
("Solo" or the "Company")
Update - Ruvuma PSC, Tanzania
Solo Oil plc (AIM: SOLO) has been advised by Aminex PLC
("Aminex") that they have updated their internal resource estimates
in the southern part of the Ruvuma Petroleum Sharing Contract
("PSC") area, in which Solo holds a 25% interest, from mean
initially in place gas of 2.3 trillion standard cubic feet ("tcf")
to 3.2 tcf.
Neil Ritson, Solo Executive Director, commented:
"Ongoing work by the operator continues to reveal significant
additional upside in the Ruvuma PSC using the 2014 seismic data. We
remain excited about the potential developments in this area in the
next few years where access to the 36-inch pipeline to the gas
market in Dar es Salaam is nearly complete."
The newest interpretation using the 2D seismic data acquired
earlier in 2014 has shown that in addition to the previously
announced target for an appraisal well in the Ntorya-Likonde
appraisal area where 2.3 trillion cubic feet ("tcf") mean gas
initially in place ("GIIP") was estimated, there is a further 900
billion cubic feet ("bcf") of gas in the Namisange prospect to the
west.
In November 2013, independent consultants, calculated that the
Ruvuma PSC contained unrisked prospective resources of over 5 tcf
(mean GIIP) in known prospects and leads. This includes further
leads and prospects; including Sudi and Kiswa that are still under
evaluation.
The Ruvuma PSC predominantly covers the onshore extension of the
highly prolific basin in which multiple giant gas fields have been
discovered offshore in both Tanzania and Mozambique during recent
years. The presence of condensate in Ntorya-1 well and oil shows
seen in Likonde-1 well represent a further positive aspect of the
onshore play, since liquid hydrocarbons add considerable further
commercial value to the discovered gas and suggest the presence of
a potential oil play.
The Chinese built gas pipeline from Mtwara to Dar es Salaam is
currently being finalized with over 500 kilometres of the 506
kilometre pipeline now trenched, installed and backfilled with gas.
Pressure testing of the line is over 85% complete and the overall
pipeline is reported to be 97% complete. The civil works associated
with the gas processing facilities are 87% completed at end
November 2014. Due to its close proximity of the pipeline to the
Ntorya/Likonde area this provides an early route to commercialize
gas discovered in the Ruvuma PSC.
Aminex and Solo are partners in the Ruvuma Production Sharing
Contract, with respectively 75% and 25% interests. Aminex
subsidiary Ndovu Resources Limited is the operator of the Ruvuma
Production Sharing Agreement.
Competent 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.
NOTE: The terms "Discovered" and "Undiscovered" Gas
Initially-in-Place are used in accordance with the SPE Petroleum
Resources Management System classification of 2007. Previously;
Contingent and Prospective Gas Initially-in-Place numbers are
equivalent respectively to the Discovered and Undiscovered GIIP
classification.
For further information:
Solo Oil plc
Neil Ritson +44 (0) 20 7440 0642
Beaumont Cornish Limited
Nominated Adviser and Joint
Broker
Roland Cornish +44 (0) 20 7628 3396
Old Park Lane Capital Plc
Joint Broker
Michael Parnes +44(0) 20 7493 8188
Shore Capital
Joint Broker
Pascal Keane +44 (0) 20 7408 4090
Jerry Keen (Corporate Broker)
Bell Pottinger
Public Relations
Henry Lerwill +44 (0) 20 3772 2500
This information is provided by RNS
The company news service from the London Stock Exchange
END
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