11 Apr 2012 13:40
For Immediate Release
11 April 2012
SOLO OIL PLC
("Solo" or the "Company")
Ntorya-1 Update, Tanzania
Solo today announces a further update on drilling and plans for testing at the Ntorya-1 discovery well in the Ruvuma Basin onshore in southern Tanzania.
On the 27th February 2012, Solo and Aminex reported that a gas discovery had been made in a 25 metre gross Cretaceous sandstone interval between 2,660 metres and 2,685 metres.
After running a 7-inch liner to 2,750 metres, the well has been deepened to a final total depth ("TD") of 3,150 metres and wireline logging has been completed. Encouraging gas readings were recorded below the 7-inch liner over a gross 300 metre interval from 2850 metres to TD.
The well will now be completed for testing the gas pay interval at 2,660 metres. A test programme will be carried out after the rig has been moved off location and suitable equipment has mobilised to the site.
As previously announced; Aminex and Solo have agreed to jointly seek expressions of interest from global exploration companies to participate in the Ruvuma PSA acreage, including the 676 square kilometre offshore portion adjacent to Block 1, owned by BG and Ophir.
Participants in the Ruvuma PSA are:
Ndovu Resources Ltd (Aminex) 75% (operator)
Solo Oil plc 25%
Neil Ritson, Solo Executive Director, commented;
"We appear to be on the edge of something very exciting at Ntorya-1 and look forward to the results of flow testing scheduled over the next few months. We are also keen to actively participate in the next phase of development and exploration in the Ruvuma PSA where the offshore portion is especially interesting and is so far largely unexplored. "
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 |
Old Park Lane Capital Plc Joint Broker Michael Parnes Luca Tenuta
Shore Capital Joint Broker Pascal Keane Jerry Keen (Corporate Broker)
Pelham Bell Pottinger Public Relations Mark Antelme Henry Lerwill
| +44(0) 20 7493 8188
+44 (0) 20 7408 4090
+44 (0) 20 7861 3232 |