21 Nov 2011 07:00
For Immediate Release
21 November 2011
SOLO OIL PLC
("Solo" or the "Company")
Tanzania Drilling Update
Solo Oil plc today announced detailed plans for the Ntorya-1 well in the onshore Ruvuma Basin Petroleum Sharing Agreement ("PSA") in Tanzania where the Company holds an 18.75% interest.
PSA operator Ndovu Resources Limited, a subsidiary of Aminex plc ("Aminex"), has advised that the Caroil-6 rig which has been contracted to drill the Ntorya-1 well is currently being mobilised and is expected on site by early December and will spud the well in mid December.
The Ntorya-1 well, the second well drilled by the joint venture, will be drilled in the Mtwara Licence and is targeting marine basin floor fans of Oligocene and Cretaceous age. Over 250 metres of sandstones of this age were identified in the Likonde-1 well drilled in 2010 which encountered both oil and gas shows. At the planned well location the Ntorya stratigraphic pinch-out trap is mapped to be approximately 200 metres up-dip of Likonde-1 and lies approximately 15 kilometres further south. The play being tested is geologically analogous with the deep water discoveries already made in the Ruvuma Basin.
As previously reported Solo estimates that the well has a probability of success for the discovery of commercial hydrocarbons (oil or gas) of approximately 20% and has mean recoverable resource potential of over 600 bcf of gas or 100 mmbbls of oil.
Site preparations have already been completed and drilling to a total depth of 2020 metres is expected to take 32 days.
Solo holds an 18.75% interest in the PSA. Partners Aminex and Tullow Oil Tanzania Limited hold 56.25% and 25% respectively.
Neil Ritson, Solo Executive Director, commented:
"We are delighted that the rig is now being mobilised and we can anticipate the results of this important well in early 2012. The Ruvuma Basin is underexplored, especially onshore, and Ntorya-1 will provide an invaluable additional data point. The presence of major discoveries elsewhere in the basin is a major encouragement."
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 |
Shore Capital Joint Broker Pascal Keane Jerry Keen
Pelham Bell Pottinger Public Relations Mark Antelme Henry Lerwill | +44 (0) 20 7408 4090
+44 (0) 20 7861 3232 |
Competent Person's Statement:
The information contained in this announcement has been reviewed and approved by Neil Ritson, Chief Executive Officer and Director for Leni Gas & Oil Plc who has 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.
Glossary:
bcf - billion cubic feet of gas
spud - commencement of drilling operations using a rotary drill bit at surface
mmbbls - million barrels of oil