SOLO.L Share News (SOLO)

(ShareCast News) - Solo Oil has announced that it was informed on Friday, by the Ruvuma Petroleum Sharing Agreement operator Aminex, that a rig contract has now been signed for the drilling of the Ntorya-2 appraisal well in the Ruvuma basin.The AIM-traded firm said the Carol 2 drilling rig, which is currently on the Ntorya-1 well pad, will shortly be mobilised to the Ntorya-2 pad, 1.5 kilometres to the southwest.It said the contract is for one firm well, with an option for a second well.Solo has a 25% working interest in the Ruvuma PSA and the Ntorya-2 well is a key appraisal of the Ntorya-1 discovery which flowed 20 million standard feet per day with 139 barrels of associated condensate.Aminex also advised that it remains on track to spud Ntorya-2 during Q4 2016."We are delighted that the appraisal process at Ntorya is now gaining momentum," said Solo chairman Neil Ritson."We understand that the Carol 2 rig, which is already located nearby at the Ntorya-1 site, will be mobilised and rigged up shortly to drill this high impact well."We look forward to further news as we move towards spud date."