4 Jan 2010 11:21
For Immediate Release
4 January 2010
Solo Oil Plc
UPDATE ON LIKONDE-1 WELL IN TANZANIA
Solo Oil Plc ("Solo") announces that Likonde-1, the first well to be drilled on the Ruvuma PSA, is due to be spudded on 7 January 2010 and drilled to a programmed total depth of 3,200 metres. Drilling time is estimated to be around two months, subject to any operational delays which can occur in a remote frontier area.
The Likonde prospect is a robust faulted rollover structure with the potential for 500 million barrels of oil in place and estimated P10 recoverable reserves in excess of 150 million barrels of oil, risked by Aminex at a 1 in 4 chance of success. The Likonde-1 well will test multiple targets in the Tertiary, Cretaceous, and Permo-Trias Karoo intervals.
A further announcement will be made to confirm that the well has actually been spudded. Pursuant to a recent farm-out, finalisation of which was announced on 15 December, interests in Likonde-1 are Tullow Oil (operator) 50%, Aminex 37.5% and Solo Oil PLC 12.5%.
Note: The technical information contained in this announcement has been extracted from publically available information from Aminex Oil PLC's disclosures.
For further enquiries:
| Solo Oil Plc |
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| David Lenigas/Kiran Morzaria | +44 (0) 20 7016 5100 |
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| Beaumont Cornish - Nominated Adviser |
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| Roland Cornish | +44 (0) 20 7628 3396 |
| Rivington Street Corporate Finance | + 44 (0) 20 7562 3351 |
| Dru Edmonstone |