27 Apr 2018 12:15
FOR IMMEDIATE RELEASE
27 April 2018
SOLO OIL PLC
("Solo" or the "Company")
Operational Update Kiliwani North, Tanzania
Solo today announces an update on operations at the Kiliwani North gas field in Tanzania provided by Aminex plc ("Aminex") who operate the Kiliwani North Development Licence ("KNDL") in which Solo holds a 7.55% interest.
Aminex continues to produce from the Kiliwani North-1 well at restricted rates while evaluating various alternatives to remediate the well productivity. Due to inlet pressure limitations and the presence of fluid build-up within the wellbore, the well has been produced infrequently in order to maintain basic plant operations.
Since the end of December Aminex has undertaken a detailed simulation study on the Kiliwani North field based on a history match of past reservoir performance and now believes that an opportunity may exist to access unperforated reservoirs capable of recovering additional gas volumes. Equipment to conduct this workover has already been identified in country and pending further work on plant specifications and appropriate government approvals, Aminex intends to re-enter the well and perforate the untapped gas zone.
The addition of surface compression facilities to the well remains an option; however, it is now felt that a workover of the wellbore offers more immediate gains in terms of both production potential and reserves recovery.
Neil Ritson, Solo's Chairman, commented:
"It is encouraging that the technical work recently completed shows that further gas production and reserves can be accessed through a recompletion of the existing well and we look forward to confirmation of the operators plans as they firm up."
Further updates will be provided as they are available.
Qualified Person's Statement:
The information contained in this announcement has been reviewed and approved by Neil Ritson, Chairman and Director for Solo Oil plc, who has over 40 years of relevant experience in the oil industry. Mr. Ritson is a member of the Society of Petroleum Engineers (SPE), an Active Member of the American Association of Petroleum Geologists (AAPG) and is a Fellow of the Geological Society of London (BGS).
This announcement contains inside information for the purposes of Article 7 of EU Regulation 596/2014.
For further information:
Solo Oil plc Neil Ritson / Dan Maling | +44 (0) 20 7440 0642 |
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Beaumont Cornish Limited Nominated Adviser and Joint Broker Roland Cornish / Rosalind Abrahams | +44 (0) 20 7628 3396 |
Shore Capital Joint Broker Jerry Keen
Buchanan (PR) Ben Romney / Chris Judd / Henry Wilson |
+44 (0) 20 7408 4090
+44 (0) 20 7466 5000 |
Notes to Editors:
Solo Oil plc (Solo), is a natural resources investment company with a diverse portfolio of onshore assets, principally in Europe and Africa. The company seeks to deliver returns through early stage investment in promising projects and uses management's own sector expertise to assist in strategic asset development. Solo's portfolio currently includes extensive interests in the prolific Ruvuma Basin in Tanzania, the Horse Hill oil discovery in the Weald Basin, Helium One Limited, the Tanzanian helium exploration company, and Kiliwani North, a natural gas producing project in Tanzania.