And this weeks winner is Big Double (Kev4) - Congratulations sir :)
Round up of news to come,
KN1 has been delivering gas to Songo Songo for pipeline and plant commissioning for a month now. All gas is paid for at the well head at $3.07 per mcf Production is expected to build up to an anticipated production rate of 25-30 mmcfd (approximately 4-5,000 barrels of oil equivalent per day gross) ("Commercial Production Rate") over the next 90-100 days. LR Senergy has ascribed gross 28 billion cubic feet best estimate contingent resources to Kiliwani North-1, which was contingent on completion of the GSA. It is therefore Solo's expectation that reserves at Kiliwani North will be booked later this year. The expected contingent resource value = $8Million (when at 10%) to be booked to the balance sheet. Solo will see it go on to generate up to $200,000 per month in free cashflow from Kiliwani’s production.
Drill plan expected to be announced for Ruvama - Rig is on site Solo Oil Plc own 25% of the Ruvuma PSA. Accordingly the value attributable to Solo could be anywhere between $100 million to $200 million, and remember the Ntorya well in the Ruvuma PSA has pipeline infrastructure nearby and is an advanced project that can get into production very quickly.
Horse Hill - (Gatwick Gusher) - HH-1 discovery well is located in PEDL137. Solo owns a 10% direct interest in Horse Hill Developments Ltd ("HHDL") a special purpose company that owns a 65% participating interest and is the operator of the Licence Area. = 6.5% for SOLO Re-rate of OIL in Place and further development plans expected soon.
IOW - 30% interest will submit the necessary applications in 2016 to obtain regulatory consents to appraise the Arreton Main oil discovery. Drilling studies and cost estimates for a re-drill of the Arreton-2 discovery have been completed. Plans to acquire additional 2D seismic coverage to further define the Arreton Main discovery and Arreton Prospects will take place post Arreton-3 drilling.
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