LONDON (Alliance News) - Solo Oil PLC Tuesday said it has started an infill seismic survey in order to assist in the appraisal of the Ntorya discovery and to finalise locations for future exploration at the Ruvuma onshore Petroleum Sharing Agreement in Tanzania.
The oil and gas exploration and production company with assets in the US, Europe and Africa said the seismic data, to be compiled by Ndovu Resources Limited, a subsidiary of Aminex PLC, is the first step in the agreed appraisal campaign that is expected to lead to further drilling and the submission of a field development plan within two years.
The company said that previous studies of the 760 kilometre licence showed a gross discovered volume of 178 billion cubic feet and an approximate additional 1 trillion cubic feet of unrisked potential gas in place.
Solo Oil said that, along with Aminex, it is looking for a further potential partner to participate in the future development and appraisal of the Ruvuma PSA.
Solo Oil shares were down 7.6% to 0.245 pence, while Aminex shares were down 14.1% to 1.80 pence Tuesday.
By Tom McIvor; tommcivor@alliancenews.com; @TomMcIvor1
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