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27 Jan 2012 07:00
For Immediate Release
27 January 2012
SOLO OIL PLC
("Solo" or the "Company")
Ntorya-1 Drilling Update
Solo Oil plc today provides an update on the drilling of the Ntorya-1 exploration well in the Ruvuma Basin onshore in Tanzania operated by Ndovu Resources Ltd (a subsidiary of Aminex).
The well was spudded on the 22 December 2011 and has been drilled to 1,535 metres where an intermediate casing string has been set. The well is now drilling ahead towards the target interval of approximately 1,800 to 1,900 metres depth. The well is expected to reach total depth around the end of January.
The Ntorya-1 well is designed to test the high quality Basal Tertiary and Upper Cretaceous sands previously encountered in the Likonde-1 well, 14 kilometres to the north. Solo estimates that the Ntorya Prospect has a probability of success of around 25%, with mean recoverable resource potential of 100 million barrels of oil equivalent.
Partners in the well are:
Ndovu Resources Ltd 56.25% (operator)
Tullow Tanzania B.V. 25%
Solo Oil plc 18.75%
Competent Person's Statement: The information contained in this announcement has been reviewed and approved by Neil Ritson, Chief Executive Officer and Director for Solo Oil Plc who has 35 years of relevant experience in the oil industry. Mr. Ritson is a member of the Society of Petroleum Engineers, an Active Member of the American Association of Petroleum Geologists and is a Fellow of the Geological Society of London.
For further information:
Solo Oil plc David Lenigas Neil Ritson | +44 (0) 20 7440 0642 |
Beaumont Cornish Limited Nominated Adviser and Joint Broker Roland Cornish | +44 (0) 20 7628 3396 |
Shore Capital Joint Broker Pascal Keane Jerry Keen (Corporate Broker)
Pelham Bell Pottinger Public Relations Mark Antelme Henry Lerwill
| +44 (0) 20 7408 4090
+44 (0) 20 7861 3232 |
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