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Likonde-1 exploration well result

1 Apr 2010 07:00

RNS Number : 5844J
Solo Oil Plc
01 April 2010
 



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
 
This information is provided by RNS
The company news service from the London Stock Exchange
 
END
 
 
DRLVFLFXBXFFBBF
Date   Source Headline
31st Jul 20125:04 pmRNSTotal Voting Rights
26th Jul 20123:15 pmRNSIssue of Equity
2nd Jul 20127:00 amRNSRuvuma Independent Evaluation
29th Jun 20123:24 pmRNSIssue of Equity and TVR
28th Jun 20127:00 amRNSTanzania Test Results
22nd Jun 201211:37 amRNSIssue of Equity
21st Jun 20121:15 pmRNSNtorya-1 Testing, Tanzania
20th Jun 201212:54 pmRNSIssue of Options
18th Jun 20129:27 amRNSDrilling Report
18th Jun 20127:00 amRNSDrilling Report
31st May 20125:52 pmRNSTotal Voting Rights
18th May 201212:49 pmRNSIssue of Equity and TVR
30th Apr 20127:00 amRNSNtorya-1 Update
27th Apr 201212:27 pmRNSDirector's Dealings
12th Apr 20127:00 amRNSAusable EOR Project Update, Canada
11th Apr 20121:40 pmRNSNtorya-1 Update, Tanzania
5th Apr 20127:00 amRNSInvestment in Argentina
5th Apr 20127:00 amRNSInvestment in Argentina
3rd Apr 20127:00 amRNSDrilling Update, Canada
2nd Apr 20121:00 pmRNSDrilling Update Ntorya-1, Tanzania
30th Mar 20127:00 amRNSUnaudited Interim Results
26th Mar 20127:00 amRNSBoard Change
6th Mar 20127:00 amRNSOperational Update, Canada
2nd Mar 20127:00 amRNSAppointment of Joint Broker
29th Feb 20124:03 pmRNSTotal Voting Rights
28th Feb 20127:00 amRNSIssue of Equity
27th Feb 20127:00 amRNSDrilling Report
16th Feb 20127:00 amRNSOperational Update, Canada
10th Feb 20122:15 pmRNSNtorya-1 Drilling Update
7th Feb 20127:00 amRNSDrilling Report
1st Feb 20127:00 amRNSIssue of Equity
31st Jan 20123:16 pmRNSTotal Voting Rights
27th Jan 20127:00 amRNSDrilling Update
24th Jan 20127:00 amRNSOperational Update, Canada
10th Jan 20127:00 amRNSNtorya-1 Drilling Update
6th Jan 20127:00 amRNSIssue of Equity
3rd Jan 201210:33 amRNSCanadian Exploration and Development Update
30th Dec 20117:00 amRNSTotal Voting Rights
23rd Dec 201111:07 amRNSTanzania Drilling Update
16th Dec 20112:31 pmRNSUpdate Re Investment
16th Dec 20111:56 pmRNSResult of AGM
5th Dec 20117:00 amRNSTanzania Drilling Update
1st Dec 20117:56 amRNSDisposal of Argentine Subsidiary
1st Dec 20117:00 amRNSInvestment in Argentina
30th Nov 20117:00 amRNSReport and Accounts and Notice of AGM
25th Nov 20117:00 amRNSAdditional investment
21st Nov 20117:00 amRNSTanzania Drilling Update
10th Nov 20117:00 amRNSEquity Line Facility
7th Oct 20117:00 amRNSDrilling Report
6th Oct 201110:18 amRNSTanzania Update

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