10 Feb 2012 14:15
For Immediate Release
10 February 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.
On the 7 February 2012 it was announced that the drilling had been temporarily suspended at a depth of 2,500 metres pending further evaluation. The evaluation of the intermediate logging data has been completed and it has been decided to continue drilling. An additional target has been identified on the seismic data at a depth of approximately 2,750 metres and the well will now be deepened to test that objective.
Drilling operations have restarted and it is expected that the new target will be reached within a week.
Tullow Tanzania B.V. has not elected to participate in the well deepening activities which will be undertaken by Ndova Resources Limited (Aminex) and Solo. The cost will be shared in proportion to their existing interests.
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 |