6 Oct 2011 10:18
For Immediate Release
6 October 2011
SOLO OIL PLC
("Solo" or the "Company")
Tanzania Update
Solo Oil plc today announces completion of the assignment of additional interests in the Ruvuma Basin PSA in Tanzania from Tullow Tanzania BV ("Tullow").
Further to the announcement on 8 September 2011, Tanzanian Government approval for the assignment of interest between Tullow and Solo has been received and the assignment has been completed. Solo now has a beneficial interest of 18.75% in the Lindi and Mtwara licences which jointly make up the Ruvuma PSA in onshore Tanzania.
Tullow has also confirmed that Ndovu Resources Limited, a subsidiary of Aminex plc, is now the operator of the PSA. Now that operatorship has been formally transferred; an update on the timing of the planned drilling of the Ntorya-1 well, anticipated to spud during November, is expected shortly.
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