20 Jun 2017 08:00
FOR IMMEDIATE RELEASE, Embargoed until 8 am 20 June 2017
SOLO OIL PLC
("Solo" or the "Company")
Update on Kiliwani North and Ruvuma, Tanzania
Solo today notes an update on the Kiliwani North and Ruvuma projects in Tanzania from operator Aminex plc ("Aminex").
In a news statement released this morning Aminex states:
Production at Kiliwani North has averaged approximately 15 million cubic feet per day for the first five months of 2017. The Company intends to re-enter the Kiliwani North 1 well to gather downhole data later in the year and shareholders will be advised when this has been implemented.
Work on the updated basin model for the Ruvuma acreage is ongoing to evaluate deeper targets and liquids potential in the Basin. This information will be incorporated in the Ntorya 3 drilling programme in order to maximise target potential at greater depths. A development plan is in preparation and the Company is working directly with the Tanzanian Petroleum Development Corporation ('TPDC'). This will include early production opportunities to be implemented prior to a longer-term project for tying a fully appraised and developed gas field into the Madimba gas processing plant and the national pipeline system.
The Company has noted and continuously monitors recent political uncertainties which have arisen in the Tanzanian mining industry. These are not believed to affect Aminex's domestic gas supply business, which is for local consumption with gas metered and sold at wellhead by both TPDC and Ndovu on a daily basis. Aminex as ever works closely with the TPDC and with the Ministry of Energy and Minerals.
Neil Ritson, Solo's Chairman commented:
"Work on commercialising the Ntorya gas-condensate discovery continues to advance with a view to both short and longer term monetisation of the significant accumulation proven by the Ntorya-1 and -2 wells. We look forward to assisting Aminex in this work and to reporting on it as it reaches conclusions. In parallel, Solo is seeking partners to farm-in to or acquire its interest in the project when a 25-year development licence is granted, which is expected to be later this year."
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 / Henry Wilson |
+44 (0) 20 7408 4090
+44 (0) 20 7382 8300
+44 (0) 20 7466 5000 |
Glossary :
condensate | gas condensates are liquids that can condense from gas when the temperature and pressure drop sufficiently low, typically condensates exhibit gravities of > 45 degree API |
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 |
mmscfd | million standard cubic feet of gas per day |