9 Jan 2013 11:47
For Immediate Release
9 January 2013
SOLO OIL PLC
("Solo")
Progress with Farmout in Tanzania
Solo today announces that interest in the farmout of its Ruvuma PSA in Tanzania has been significant and a call for bids is still expected to be made in February. The farmout is being managed on Solo's behalf by joint venture partner, and PSA operator, Aminex plc, with advisors from FirstEnergy Capital LLP.
Further to the announcements made on the 8th October and the 22nd November the Company now confirms that there has been substantial interest in the farmout from companies including both multi-nationals and NOCs.
The Ruvuma PSA covers 6,079 square kilometres on the Tanzanian border with Mozambique where over 100 trillion cubic feet of gas has been discovered in recent years. Solo and Aminex discovered gas at the Ntorya-1 well in 2012 which was tested at over 20 million cubic feet per day of gas and 139 barrels of condensate (53 degree API gravity) on a 1" choke.
It is anticipated that gas from Ntorya and the Ruvuma PSA generally will be commercialised via the planned 36" diameter pipeline which will run through the PSA area to Dar es Salaam, which is the largest gas market in Tanzania.
Potential farminees are being asked to fund a disproportionate share of the planned forward work program of seismic and two exploration wells and paying a pro-rata share of past expenditures. Initial proposals are anticipated be requested from bidders on or soon after the 8th February 2013.
Participants in the Ruvuma PSA are; Ndovu Resources Ltd (Aminex) 75% (operator) and Solo Oil Plc 25%.
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 over 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 |