Solo Oil Drilling Report Stirs Activity

PUBLISHED: Feb 07 2012 @ 10:10 | Comments (0) | More info about Lou Gutheil

Solo Oil Plc (LSE:SOLO) released an updated drilling report this morning for its Ntorya-1 exploration well. The Ntorya-1 well is in the Ruvuma Basin in Tanzania.

The company announced that the well has been drilled to a depth of 2,500 metres, but without reaching sandstone reservoirs as expected. A prior drilling report released less than 2 weeks ago anticipated reaching reservoirs at a depth of 1,800 – 1,900 metres. The fact that sandstones were encountered from depths of 2,300 to 2,500 metres seemed to offer little hope of achieving the company’s target goals, as the company announced that wireline logs and seismic surveys are being recorded to determine the viability of additional drilling.

Executive Director Comments

Executive Director Neil Ritson observed that “we are clearly still establishing the accurate correlation between the seismic and well stratigraphy. Additional evaluation of these well results will I am sure be key in helping to unlock the potential (of this well).”

Market Reaction

Solo share price has fallen by over 31% on a volume of 220 million shares by mid-afternoon.

Other News

The plans for expansion are underway in Solo by investing in oil production based in Canada, along with plans to strengthen their progress on the Mina El Carmen block in Argentina. This has been accomplished by enabling to extract £750,0000 from their £10 million equity line facility held with Dutchess Opportunity Cayman Fund.

Company Spotlight

Solo Oil invests directly and indirectly in projects involved in the exploration, development, and production of gas and oil in Europe, Africa, and North & South America.

CLICK HERE TO REGISTER FOR FREE ON ADVFN, the world's leading stocks and shares information website, provides the private investor with all the latest high-tech trading tools and includes live price data streaming, stock quotes and the option to access 'Level 2' data on all of the world's key exchanges (LSE, NYSE, NASDAQ, Euronext etc).

This area of the ADVFN.com site is for independent financial commentary. These blogs are provided by independent authors via a common carrier platform and do not represent the opinions of ADVFN Plc. ADVFN Plc does not monitor, approve, endorse or exert editorial control over these articles and does not therefore accept responsibility for or make any warranties in connection with or recommend that you or any third party rely on such information. The information available at ADVFN.com is for your general information and use and is not intended to address your particular requirements. In particular, the information does not constitute any form of advice or recommendation by ADVFN.COM and is not intended to be relied upon by users in making (or refraining from making) any investment decisions. Authors may or may not have positions in stocks that they are discussing but it should be considered very likely that their opinions are aligned with their trading and that they hold positions in companies, forex, commodities and other instruments they discuss.