27 Feb 2017 14:00
FOR IMMEDIATE RELEASE, 2:00pm 27 February 2017
SOLO OIL PLC
("Solo" or the "Company")
Ntorya-2 Update, Tanzania
Further to the Company's announcement of 6 February 2017, Solo today confirms that production testing on the recently drilled Ntorya-2 ("NT-2") appraisal well commenced on 25 February 2017 and gas is now flowing to surface. The well will be tested with a variety of flow rates and choke sizes to determine the optimal deliverability of the well for production purposes. The Company now expects to have results of the production testing and petrophysical analysis by mid-March.
Solo has a 25% non-operating interest in the Ruvuma PSA, and in the Ntorya discovery and Ntorya-2 well, which is operated by Aminex plc.
For further information:
Solo Oil plc Neil Ritson | +44 (0) 20 3794 9230 |
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Beaumont Cornish Limited Nominated Adviser and Joint Broker Roland Cornish | +44 (0) 20 7628 3396 |
Shore Capital Joint Broker Jerry Keen
Beaufort Securities Joint Broker Jon Belliss
Cassiopeia Services Ltd Investor and Media Relations Stefania Barbaglio |
+44 (0) 20 7408 4090
+44 (0) 20 7382 8300
+44 (0) 79 4969 0338 |
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 is a Fellow of the Geological Society of London.
Glossary:
appraisal | the collection of additional data, usually in the form of additional wells, on an existing discovery prior to sanctioning a development plan |
flow or production test | a flow test or well test involves testing a well by flowing fluids to surface, typically through a test separator. Key measured parameters are water, oil and gas flow rates, downhole pressure and surface pressure. The overall objective is to identify the well's capacity to produce hydrocarbons at a commercial flow rate |
PSA | petroleum sharing agreement or contract |
petrophysics or petrophysical analysis | the study of the physical and chemical properties of rock formations and their interactions with fluids |