Solo Oil Plc Operational Update - Tanzania (2257K)
April 09 2018 - 3:25AM
UK Regulatory
TIDMSOLO
RNS Number : 2257K
Solo Oil Plc
09 April 2018
FOR IMMEDIATE RELEASE
9 April 2018
SOLO OIL PLC
("Solo" or the "Company")
Operational Update, Tanzania
Solo today announces an update on operations in Tanzania
provided by Aminex plc ("Aminex") who operate the Ruvuma Petroleum
Sharing Agreement ("Ruvuma PSA").
-- The planned 2018 well in the Ruvuma PSA, formerly designated
as Ntorya-3, has now been renamed Chikumbi-1 at the request of the
Tanzanian Government. The well is targeting the same reservoir
tested in Ntorya-1 and in Ntorya-2 in an up-dip position and will
additionally test a deeper exploration target. The proposed total
depth is approximately 3,400 metres.
-- The tendering process for a rig to drill Chikumbi-1 is due to
close during the current quarter with an expected spud date later
in the year, although exact timing of which will be dependent on
rig availability.
-- The National Environment Management Council (NEMC) of
Tanzania has approved the Environmental Impact Assessment (EIA) for
the acquisition of further 2D and 3D seismic data over the Ruvuma
PSA acreage, focusing on the Ntorya discovery area.
Aminex also notes that they continue to be in discussions
concerning a farm-out transaction of their interest in Ruvuma PSA,
including the Ntorya appraisal area, with an affiliate of the
Zubair Corporation, as announced by Aminex on 21 March 2018.
Solo holds a 25% interest in the Ruvuma PSA with the remaining
75% held by Aminex.
Neil Ritson, Solo's Chairman, commented:
"We are pleased that plans to drill at Ntorya continue to
advance and that a second target below the Ntorya discovery can
additionally be tested with the planned well. Solo continues to
make its own plans, in parallel with Aminex, to fund the eventual
development of Ntorya, which we anticipate will follow the
Chikumbi-1 well. The receipt of a 25-year development licence for
the Ntorya discovery remains a key step in our plans to monetise
the discovery and we look forward to further news on that in due
course."
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 40 years of relevant experience in the oil
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 announcement contains inside information for the purposes
of Article 7 of EU Regulation 596/2014.
For further information:
Solo Oil plc
Neil Ritson / Dan Maling +44 (0) 20 7440 0642
Beaumont Cornish Limited
Nominated Adviser and
Joint Broker
Roland Cornish / Rosalind
Abrahams +44 (0) 20 7628 3396
Shore Capital
Joint Broker
Jerry Keen
Buchanan (PR)
Ben Romney / Chris +44 (0) 20 7408 4090
Judd / Henry Wilson +44 (0) 20 7466 5000
Notes to Editors:
Solo Oil plc (Solo), is a natural resources investment company
with a diverse portfolio of onshore assets, principally in Europe
and Africa. The company seeks to deliver returns through early
stage investment in promising projects and uses management's own
sector expertise to assist in strategic asset development. Solo's
portfolio currently includes extensive interests in the prolific
Ruvuma Basin in Tanzania, the Horse Hill oil discovery in the Weald
Basin, Helium One Limited, the Tanzanian helium exploration
company, and Kiliwani North, a natural gas producing project in
Tanzania.
This information is provided by RNS
The company news service from the London Stock Exchange
END
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