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23 Aug 2018 07:05
23 August 2018
SOLO OIL PLC
("Solo" or the "Company")
Operational Update, Tanzania
Solo Oil plc (LSE AIM: SOLO) is pleased to note the announcement made today by Aminex plc ("Aminex") relating to operations in Tanzania and as set out in Appendix 1 below.
The Company holds a 25% beneficial interest in the Ruvuma PSA and 7.55% interest in Kiliwani North-1.
Alastair Ferguson, Solo's Chairman, commented:
"We are pleased to see operational progress being made by Aminex in operations in Tanzania. The rig tendering process is an important step towards the planning and execution of Chikumbi-1, a well designed to further unlock the potential resources in the Ruvuma PSA. We look forward to further updates from Aminex on Kiliwani North-1 as the well stimulation works continue."
For further information:
Solo Oil plc 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.
Appendix 1
23rd August 2018
Aminex plc
("Aminex" or "the Company")
Operational Update
Aminex is pleased to provide the following update on its operations in Tanzania.
Ruvuma PSA
The tendering process for a rig to drill Chikumbi-1 (CH-1) is now complete and the Company has received numerous bids. These bids are being evaluated on their technical and commercial merits. CH-1 is located updip from both the Ntorya-1 discovery well, which tested at rates of up to 20 MMcf/d with 139 bbls of condensate, and from the Ntorya-2 well which tested at a stabilised rate of approximately 17 MMcf/d. The well is expected to delineate the Ntorya gas field in a significantly thicker section of the Cretaceous reservoir system and is also being planned to evaluate a potential deeper exploration target in the Jurassic formation. If successful, CH-1 is expected to be produced into the existing Madimba Gas Processing Plant and ultimately integrated into a full field development programme.
Kiliwani North-1
Pressure at the Kiliwani North-1 well has sufficiently built up and the Company continues to work with all parties to stimulate the reservoir as soon as possible.
Jay Bhattacherjee, Chief Executive Officer of Aminex said:
"The Company continues to progress the completion of the proposed farm out transaction while driving forward operations over its key assets at Ruvuma and Kiliwani North."
Ends
Aminex PLC
Jay Bhattacherjee, Chief Executive Officer +44 (0) 20 3198 8415
Max Williams, Chief Financial Officer
Shore Capital
Jerry Keen +44 (0) 20 7408 4090
Davy
Brian Garrahy +353 (0) 1 679 6363
Camarco
Billy Clegg / Gordon Poole +44 (0) 20 3757 4983
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