Member Info for cperkin

Very happy with todays RNS in terms of progress.

Rig selection and services complete including a rig sharing agreement to minimise costs.
KN-1 Remediation well underway with test gas flowed to the plant.

Looking forward to the next update on KN-1 and the Vote result on the 4th Jan.

Helim-1 did publish the following as a hand out at the investors evening.

Drilling 4-6 wells at depths of 500M to 2,000M for a total 6000M campaign commencing Q-1

Mud rotary drilling, similar to conventional O&G - note the picture of the rig is a mobile rig and not like the rig used at NT-2. Not sure you can draw any conclusions from that put there it is.

Discoveries to be tested with drill stem test and or production flow test.

It's all conjecture Crusty and doubling costs is hardly irrelevant when cash is tight.

There has been nothing to compress for months due to the faulty valve that has just been repaired, in saying that the guy from solo indicated that the biggest issue was getting everyone to agree TPDC, songa plant and pipeline on what to do when, he actualy said the Aminex BOD were doing everything they could and doing it the right way.

Stage 1 was to fix the valve - done - stage 2 was to flow and collect data - in progress. Last we heard they were going to perf the lower section (solo guy reckons it will likely be successful) and compresion is still a remedial option along with others as outlined at the AGM.

They seem to be getting in with it - at last!

Not checked under JB's desk but sounds about right. Certainly having monies owed from the TPDC would be a great help, as would production revenues from KN-1 and of course the fist $3 million cash on conclusion of the farmout.

Still solo can lend them a little for remediation if they come up short in the short term ;0)

lol Crusty, you are welcome.

Yes a good point the amount owed by the TPDC is in excess of the amount claimed, so either way Aminex and partners are due some cash even if the claim were to go against them :)

Oh dear not more exaggerations from you on the negative side Crusty ;0)

The claim against Aminex (their portion) is for $2.73 mill and not $5.93 mill you quote.

The remediation cost gross is $250,000 and not the $500 million you quote.

Nice to see gas flowing to plant, Tis the season :)

Fair point seanster confident is the word used, guess it depends to a certain extent on, if the declared budget and programme changes and or the value achieved from selling the millions of UKOG shares.

Yes the well has been shut in for months so it will take a while to clean it up is my interpretation, so flowing gas to the processing plant but to early to confirm any flow rates till the it is cleaned up.

Ho-Ho-Ho - let KN-1 flow ;)

Rig selected for C-1 drill
KN-1 gas flowed to plant and testing!
Fully funded for 2019 Ruvuma drilling

Looking much better!

GL

SOLO say they are Funded for 2019 Ruvuma work + support the farmout.

Dan Maling, Managing Director commented:

"We have been working closely with Aminex on reviewing the forward operational programmes at both Ruvuma and Kiliwani. There are now detailed cost estimates with operational plans in place. While the work programme commitments remain contingent on governmental approvals at Ruvuma, with our recent monetisation efforts we are in a strong cash position with a liquid balance sheet and are confident of being fully funded for next year's planned well programme and G&A."

Alastair Ferguson, Solo's Chairman, commented:
"This update comes after a period of discussion and collaboration planning between Solo and Aminex. We are pleased to see Aminex's issuance of their circular and are supportive of their planned farmout of the Ruvuma PSA to The Zubair Corporation LLC. We regard this deal and the quality of the farminee as a significant external validation of the project and look forward to working with the new operator alongside Aminex to drive the development of the Ruvuma gas project forward. We look forward to further updates from Aminex as we continue to actively participate in the joint venture management and planning processes."

https://www.investegate.co.uk/solo-oil-plc--solo-/rns/operational-update--tanzania/201812170700066059K/

SOLO say they are Funded for 2019 Ruvuma work + support the farmout.

Dan Maling, Managing Director commented:

"We have been working closely with Aminex on reviewing the forward operational programmes at both Ruvuma and Kiliwani. There are now detailed cost estimates with operational plans in place. While the work programme commitments remain contingent on governmental approvals at Ruvuma, with our recent monetisation efforts we are in a strong cash position with a liquid balance sheet and are confident of being fully funded for next year's planned well programme and G&A."

Alastair Ferguson, Solo's Chairman, commented:
"This update comes after a period of discussion and collaboration planning between Solo and Aminex. We are pleased to see Aminex's issuance of their circular and are supportive of their planned farmout of the Ruvuma PSA to The Zubair Corporation LLC. We regard this deal and the quality of the farminee as a significant external validation of the project and look forward to working with the new operator alongside Aminex to drive the development of the Ruvuma gas project forward. We look forward to further updates from Aminex as we continue to actively participate in the joint venture management and planning processes."

https://www.investegate.co.uk/solo-oil-plc--solo-/rns/operational-update--tanzania/201812170700066059K/

Ariel, click on the technical chart, it adjusts for the consolidation for equivalent value to get a real picture.

Slight correction there NG the share reached 18.5p (post consolidation equivalent) last year on the NT-2 drill results the next drill C-1 is looking at appraising the 763 BCF 2C from Nt-1 and Nt-2 drills and has a further 1,3 TCF GIIP deeper Jurassic target.

@specman, just in case you missed it in all the noise.

Sorry specman no one actualy answered your question on expected production.

KN-1 expected production is year end as per the summer interview, I expect that will drift to new year, depending on how well the current testing is going now the first phase of remediation is complete.

Ruvuma production according to the published graph from the development plan is early 2020.

Sorry specman no one actualy answered your question on expected production.

KN-1 expected production is year end as per the summer interview, I expect that will drift to new year, depending on how well the current testing is going now the first phase of remediation is complete.

Ruvuma production according to the published graph from the development plan is early 2020.

Worst case steve according to Helium 1 's numbers is Estimated production $150 million per year once in production at some point in 2020.

Assuming solo only retain 5% of the 13% they hold post IPO then solo's earnings would be $7.5 million gross

Best case @ only 5% holding would be $30 million PA Gross prior to tax.

No but in fact the well was tested at 35 or 40 million scuffs max I believe Tarry, they did not or need more than 15 million scuffs at the time at the plant.

Have to wait for the results of the testing, but like you I would like to see that deeper target perforated.

$1.5 million per month gross @ 15 million scuffs and $3 million at 30 million scuffs as previously flow tested.

Would be good to hear some update before the year is out.

Drewky I don't think anyone has suggested it is successful? that would be a leap of faith. The first part has been successful, the sub surface valve now works and they are testing.