29 Aug 2018 07:00
29 August 2018
SOLO OIL PLC
("Solo" or the "Company")
Kiliwani North Update
Solo Oil plc (LSE AIM: SOLO) is pleased to note the announcement made today by Aminex plc ("Aminex") relating to operations in Tanzania and as set out in Appendix 1 below.
The Company holds a 25% beneficial interest in the Ruvuma PSA and 7.55% interest in Kiliwani North-1.
For further information:
Solo Oil plc Dan Maling | +44 (0) 20 7440 0642 |
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Beaumont Cornish Limited Nominated Adviser and Joint Broker Roland Cornish / Rosalind Abrahams | +44 (0) 20 7628 3396 |
Shore Capital Joint Broker Jerry Keen
Buchanan (PR) Ben Romney / Chris Judd / Henry Wilson |
+44 (0) 20 7408 4090
+44 (0) 20 7466 5000 |
Notes to Editors:
Solo Oil plc (Solo), is a natural resources investment company with a diverse portfolio of onshore assets, principally in Europe and Africa. The company seeks to deliver returns through early stage investment in promising projects and uses management's own sector expertise to assist in strategic asset development. Solo's portfolio currently includes extensive interests in the prolific Ruvuma Basin in Tanzania, the Horse Hill oil discovery in the Weald Basin, Helium One Limited, the Tanzanian helium exploration company, and Kiliwani North, a natural gas producing project in Tanzania.
Appendix 1
29 August 2018
Aminex plc
("Aminex" or "the Company")
Kiliwani North Update
As previously announced, pressure at the Kiliwani North-1 well has continued to build up and the Company has commenced remediation work on the well. The Company initially plans to repair a faulty valve during the current quarter, which is expected to allow for gas to flow from the well and evaluate operational parameters at the reservoir and gas processing facility. Pending approvals, the Company will then proceed to perforate a lower untested and potentially gas bearing section of the reservoir system which is anticipated to occur during the fourth quarter with the intent to bring the well back to full time production.
The Company has identified areas on its Kiliwani North and Nyuni Area concessions over which it is planning to acquire up to 275 km2 of 3D seismic in order to de-risk prospects and leads. Pending approval to acquire seismic over both concessions simultaneously, which will optimise expenditure and benefit the data acquisition process itself, the 3D seismic programme is intended to identify undrained compartments in the Kiliwani North structure and high-grade the Kiliwani South prospect to drill-ready status. Kiliwani South is estimated to have 57 BCF mean un-risked GIIP, as reviewed by RPS Energy as part of its Competent Persons Report. The Kiliwani North Development Licence has existing gas terms, a 25-year development licence to 2036, and any further drilling success could be produced and monetized through the national pipeline.
Jay Bhattacherjee, Chief Executive Officer said:
"The Company believes that, given the significant production surrounding Songo Songo Island and the geological properties identified in Kiliwani North, there remains significant opportunities to pursue additional development of the Kiliwani North Development Licence as all the commercial terms are already in place."
Ends
Aminex PLC
Jay Bhattacherjee, Chief Executive Officer +44 (0) 20 3198 8415
Max Williams, Chief Financial Officer
Shore Capital
Jerry Keen +44 (0) 20 7408 4090
Davy
Brian Garrahy +353 (0) 1 679 6363
Camarco
Billy Clegg / Gordon Poole / James Crothers +44 (0) 20 3757 4980