1 Apr 2010 07:00
FOR IMMEDIATE RELEASE 1 April 2010
Solo Oil Plc
("Solo" or "the Company")
Likonde-1 exploration well result
1 April 2010 Solo Oil Plc ("Solo") advises the following update made today by Tullow Oil PLC and Aminex PLC ("Aminex") on the Likonde-1 well in Tanzania.
"I April 2010 - Tullow Oil plc (Tullow) announces that the Likonde-1 well, onshore Tanzania, has encountered thick sands with hydrocarbon shows.
Likonde-1 is located in the Lindi Block in the Ruvuma Basin of Southern Tanzania. The well has been drilled to a total depth of 3,647 metres and results of drilling, wireline logs and side-wall coring have shown that the well has intersected two sandstone intervals of over 250 metres (820 feet) combined thickness with evidence of residual oil and gas. Drilling had to be terminated in the deepest objectives due to high gas influx.
The well, which is now being plugged and abandoned, is the first of a two-well programme within the prospective Ruvuma delta region. The encouraging results will be followed up with detailed technical work prior to selecting the next drilling location.
Tullow (50%) operates the Lindi and Mtwara blocks in partnership with Aminex Solo Oil is earning an interest through farming into 12.5% of Aminex's 50% interest in the well and has an option to elect to become a full joint venture partner. If Solo exercises its option, Aminex's interest in the Ruvuma Licence will be reduced to 37.5%.
Commenting today, Angus McCoss, Tullow's Exploration Director, said:
"Likonde-1 is an encouraging well with follow-up exploration potential. The valuable technical insights gained are now being incorporated into our regional geological model to further evaluate this promising basin in Southern Tanzania.""
Solo's Chairman David Lenigas commented:
"The completion of Likonde-1 and the results obtained from the Company's first wildcat well in Africa represents a major step forward in establishing the potential of the Ruvuma Basin. Solo has the option of becoming a full joint venture partner with 12.5% of the entire 12,360 sq kilometre Ruvuma Licences by committing to the second well."
For further enquiries:
| Solo Oil PLC | |
| David Lenigas/Kiran Morzaria | +44 (0) 20 7016 5100 |
| | |
| | |
| Beaumont Cornish - Nominated Adviser | |
| Roland Cornish | +44 (0) 20 7628 3396 |
| Astaire Securities | +44 (0) 20 7448 4400 |
| Jerry Keen/Toby Gibbs | |
| Rivington Street Corporate Finance | + 44 (0) 20 7562 3351 |
| Dru Edmonstone | |