8 Sep 2011 07:00
For Immediate Release, 7 am
8 September 2011
SOLO OIL PLC
("Solo" or the "Company")
Tanzania Update
Solo Oil plc is today announcing an update on its plans for the drilling of an exploration well, Ntorya-1, in the Mtwara Block of the Ruvuma Basin PSA in Tanzania with its partners Tullow Oil plc (LSE:TLW) ("Tullow") and Aminex plc (LSE:AEX) ("Aminex").
Further to the announcement on 7 June 2011, plans for the Ntorya-1 well have now been finalised with the all major services tendered and the Caroil-6 rig mobilisation agreed to follow the current Aminex well Nyuni-2. The well will most likely be spudded in early November and is programmed to take 25 days to drill to a planned TD of 2026 metres.
Solo is also pleased to announce that it has increased its stake in the Ruvuma Basin PSA from 12.5% to 18.75% in an agreement with Tullow in which Solo will assume the future obligations on the additional interest. Both Solo and Aminex have acquired additional interests in the PSA and Aminex will take over as operator from Tullow with immediate effect. Tullow will retain a 25% interest and will continue to support the joint venture with regional expertise and logistics.
The assignment is subject to final Tanzanian Government approval, which is expected to be granted shortly.
Solo Executive Director Neil Ritson commented;
"The Ntorya-1 well, which is a follow up to the Likonde-1 well drilled in 2010, is an important further test of the largely unexplored onshore Ruvuma Basin. Both Solo and Aminex have a strong focus on Tanzania and by gaining a greater participation in the PSA will jointly be able to advance the work programme more quickly. The long term potential is significant and we are very keen to continue the work started at Likonde as soon as possible."
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:
PSA - Production Sharing Agreement
spud - commencement of drilling operations using a rotary drill bit at surface
TD - total depth