10 Jul 2017 07:00
FOR IMMEDIATE RELEASE, Embargoed until 7 am 10 July 2017
SOLO OIL PLC
("Solo" or the "Company")
Appointment of io oil & gas consulting to
conduct a Gas Development Study, Ntorya, Tanzania
Solo is pleased to report the appointment of io oil & gas consulting ("IO"), a Baker Hughes (a GE Company) and McDermott joint venture, to prepare a gas commercialisation study to assist with the development of the Ntorya field, part of the Company's Ruvuma PSA acreage in Tanzania, operated by Aminex plc ("Aminex"). The study is designed to identify gas monetisation options including potential early development facilities to supply gas to local market and enable near term revenue generation.
The Ntorya-2 appraisal well was drilled earlier this year and successfully tested in March 2017 at a stabilized rate of 17 million cubic feet per day ("mmscfd"). The well was suspended for future production. Aminex estimates that the Ntorya appraisal area contains gross Pmean GIIP of 466 billion cubic feet.
Gas from longer-term development of the field is expected to be supplied to the Natural Gas Pipeline and in conjunction with this Solo and Aminex are keen to implement solutions for early monetisation of Ntorya gas prior to full field development. Aminex and Solo may explore options to collaborate further in the future with IO to further leverage Baker Hughes (a GE Company) and McDermott expertise in developing gas infrastructure in Tanzania.
Aminex, is in the process of applying for a 25-year development licence and is working directly with the Tanzanian Government to fast-track gas production for the benefit of the Solo/Aminex joint venture and the Tanzanian national economy.
Solo holds a 25% interest in the Ruvuma PSA and in the Ntorya gas-condensate discovery. Aminex holds the remaining 75% and is operator for the joint venture.
Neil Ritson, Solo's Chairman commented:
"We at Solo are pleased that the Ruvuma PSA joint venture has appointed IO, a company with very solid partners in GE and McDermott, to carry out the detailed gas commercialization studies at Ntorya and we look forward to the results in due course."
For further information:
Solo Oil plc Neil Ritson / Dan Maling | +44 (0) 20 3794 9230 |
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Beaumont Cornish Limited Nominated Adviser and Joint Broker Roland Cornish | +44 (0) 20 7628 3396 |
Shore Capital Joint Broker Jerry Keen
Beaufort Securities Joint Broker Jon Belliss
Buchanan (PR) Ben Romney / Chris Judd / Henry Wilson |
+44 (0) 20 7408 4090
+44 (0) 20 7382 8300
+44 (0) 20 7466 5000 |
Glossary :
bcf | billion cubic feet |
discovery | a petroleum accumulation for which one or several exploratory wells have established through testing, sampling and/or logging the existence of a significant quantity of potentially moveable hydrocarbons |
GIIP | gas initially in place |
mmscfd | million standard cubic feet of gas per day |
Pmean | volume at the mean value of a probability distribution |
PSA | Petroleum Sharing Agreement |