SOLO.L Regulatory News (SOLO)

FOR IMMEDIATE RELEASE, 7:00 am 6 February 2017

SOLO OIL PLC

("Solo" or the "Company")

Ntorya-2 Initial Well Results

Solo is pleased to announce that the Ntorya-2 appraisal well in the Ruvuma PSA in Tanzania has been successfully drilled to a depth of approximately 2,750 metres and has encountered a 50-metre thick gas-bearing reservoir interval, in excess of the Company's prognosis prior to drilling.

The well intersected a gross gas-bearing sandstone reservoir unit of approximately 51 metres thickness at a drilled depth of 2,596 metres. Preliminary petrophysical analysis using the Logging While Drilling ("LWD") logs indicates between 25 to 30 metres of net hydrocarbon-bearing reservoir within the gross interval. Significant gas influxes and higher than expected pressures where encountered whilst drilling the reservoir section. The well is currently being deepened to a total depth of approximately 2,780 metres to allow for the setting of a 7-inch liner below the reservoir interval.

Neil Ritson, Solo's Chairman, commented;

"We are extremely pleased with the results of the well which fully confirm the presence of thicker gas bearing reservoirs up dip from the gas condensate discovery at Ntorya-1. These results move us a significant step forward in the commercialisation of the Ntorya discovery and we look forward to some exciting further results in the coming weeks."

Wireline logging will be conducted, after which a 7" liner will be run over the reservoir section. Detailed petrophysical analysis will be conducted on both the LWD and wireline logs. Preparations are also currently underway for a comprehensive flow test of the well.

The well also encountered traces of oil in the gross reservoir interval and operator Aminex plc is now evaluating the implications of this positive development through an updated basin model.

The well was spudded in the onshore Ruvuma Basin PSA on 21 December 2016 in order to further appraise the existing Ntorya discovery. The Ntorya-2 well was targeting the same sandstone channel complex as found at Ntorya-1, but located further up-dip. The well location is approximately 1,500 metres southwest from the Ntorya-1 discovery which (as reported in June 2012) flowed gas at a rate of 20 million standard cubic feet per day, with 139 barrels of associated condensate, from a 3.5-metre sandstone interval on test.

Depending on the results of the well test, Aminex and Solo expect to apply for a 25-year development licence over the Ntorya Appraisal Area. The Ntorya field is located approximately 40 kilometres from the Madimba gas processing plant, which receives gas into the National Gas Pipeline system to Dar es Salaam.

Solo has a 25% non-operating interest in the Ruvuma PSA, and in the Ntorya discovery and Ntorya-2 well.

Qualified Person's Statement:

The information contained in this announcement has been reviewed and approved by Neil Ritson, Chairman and Director of Solo Oil plc who has over 38 years of relevant experience in the energy sector. Mr. Ritson is a member of the Society of Petroleum Engineers, an Active Member of the American Association of Petroleum Geologists and a Fellow of the Geological Society of London.

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