20 Jul 2017 07:00
FOR IMMEDIATE RELEASE, Embargoed until 7 am 20 July 2017
SOLO OIL PLC
("Solo" or the "Company")
Update on Kiliwani North, Ntorya, Tanzania
Solo Oil plc (AIM: SOLO), the natural resources investment company focused on acquiring and developing a diverse global non-operated portfolio of strategic oil and gas assets is pleased to announce that the Company has been informed by Aminex plc, Operator of the Kiliwani North Gas Field, that it has now received a further payment from Tanzania Petroleum Development Corporation ('TPDC') for Kiliwani gas sales. Aminex continues to work with TPDC to bring arrears fully up to date. The Company is further informed that production from the Kiliwani North 1 well continues to average 15 MMcf/d during 2017.
In the Ruvuma area, Aminex is focused on updating its basin model which includes preliminary re-mapping of multiple stratigraphic fairways and updating resource numbers. A gas development plan is being prepared by io oil & gas consultancy. These, together with submission of the Ntorya Field development plan to TPDC, are expected to be completed in early September.
Neil Ritson, Solo's Chairman commented:
"We are pleased to see that TPDC have made a further US$ payment for our Kiliwani gas sales and that Aminex continue to work with TPDC to bring payments up to date.
The Ruvuma basin modelling study is an important step in optimising the development of the Ntorya gas field and Solo continues to work closely with Aminex on this project.. We look forward to being able to report the results of the study in the coming quarter."
For further information:
Solo Oil plc Neil Ritson / Dan Maling | +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
Buchanan (PR) Ben Romney / Chris Judd
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+44 (0) 20 7408 4090
+44 (0) 20 7382 8300
+44 (0) 20 7466 5000
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Qualified Person's Statement:
The information contained in this announcement has been reviewed and approved by Neil Ritson, Chairman and Director for Solo Oil plc, who has over 38 years of relevant experience in geology, resource estimation and the oil and gas industry. Mr. Ritson is a member of the Society of Petroleum Engineers (SPE), an Active Member of the American Association of Petroleum Geologists (AAPG) and is a Fellow of the Geological Society of London (BGS).