21 Dec 2016 15:00
FOR IMMEDIATE RELEASE 21 December 2016
SOLO OIL PLC
("Solo" or the "Company")
Spudding of Ntorya-2
Solo is pleased to confirm that the Ntorya-2 appraisal well in the Ruvuma Basin, Tanzania, has now spudded as expected.
Neil Ritson, Solo's Chairman, commented;
"We are delighted to have confirmation of the start of drilling at the Ntorya-2 appraisal well in the Ruvuma Basin. This low risk step-out from the discovery well is anticipated to provide significant encouragement for the development of the field and the results are eagerly awaited."
The well is being drilled to an estimated total depth of 2,860 m targeting the same sandstone channel complex found at Ntorya-1. The well location is 1.5 km from the Ntorya-1 discovery which flowed gas and condensate on test in 2012.
The Company has a 25% non-operating interest in the well, operated by Aminex plc. Initial results are expected early next year.
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 |
Glossary:
discovery | a petroleum accumulation for which one or several exploratory wells have established through testing, sampling and/or logging the existence of a significant quantity of potentially moveable hydrocarbons |