Solo Oil Plc Tanzania Operation Update (1598B)
January 08 2018 - 2:00AM
UK Regulatory
TIDMSOLO
RNS Number : 1598B
Solo Oil Plc
08 January 2018
FOR IMMEDIATE RELEASE
8 January 2018
SOLO OIL PLC
("Solo" or the "Company")
Tanzania Operations Update
Solo Oil plc is pleased to announce the following updates
concerning its oil and gas operations in Tanzania.
Ntorya-3 Well
Aminex plc ("Aminex"), the operator of the Ruvuma Petroleum
Sharing Contract ("Ruvuma PSC"), has announced that the partnership
are progressing towards drilling the second appraisal well,
Ntorya-3 ("NT-3"), on the Ntorya gas field discovery as soon as
practically possible. Aminex is actively engaged with the Tanzanian
authorities and third party engineering firms on advanced well
planning and drilling management plans. Tendering is in progress
for a rig which will also be suitable for exploration and
development drilling in the Ntorya gas field and potentially the
Company's other assets in Tanzania. Anticipated spud date for NT-3
will be announced once a rig has been secured.
Kiliwani North
At the producing Kiliwani North gas field, where Aminex is also
the operator, Solo is pleased to advise that the Kiliwani North-1
well produced an aggregate 95 million cubic feet ("mmscf") of gas
during the month of December, without intervention, due to natural
pressure recharge allowing the well to flow at rates up to
approximately 9 mmscfd. Total gross production from the well in
2017 was 3.6 billion cubic feet ("bcf"). In order to maximise
recovery from Kiliwani North-1 Aminex and the Tanzania Petroleum
Development Corporation are cooperating on the installation of
compression facilities.
Aminex has advised that they are currently reprocessing existing
seismic data over the Kiliwani North block and the adjoining Nyuni
Area acreage close to the Songo Songo Island gas processing plant
with the aim of identifying potential new drilling targets which
could be brought on stream relatively quickly and would supplement
gas production from the existing Kiliwani North-1 well.
CPR and Ntorya Development Licence
Work continues on the independent evaluation report of Solo and
Aminex's Tanzanian resources and this remains on track to be
completed in early 2018. Solo holds a 25% interest in the Ruvuma
PSC and a 7.55% interest in the Kiliwani North Development Licence,
both of which will be covered by the planned Competent Persons
Report ("CPR"). The new report will update and supersede all
previous reports on the Solo's oil and gas concessions in Tanzania,
and will be based on newly acquired well data and the ongoing
reinterpretation of all technical data.
The Company also notes that positive discussions are ongoing
with the Tanzanian authorities to progress the outstanding Ntorya
Development Licence application and shareholders will be updated on
significant milestones when acheived.
Neil Ritson, Solo's Executive Chairman, commented:
"We are happy to see that planning for further development at
Ntorya is progressing and that suitable drilling equipment is being
sought for the drilling of the Ntorya-3 well. Production at
Kiliwani North has continued, and will be enhanced with compression
in due course, which is an encouraging development. The new CPR is
a key step in realising value at Ntorya and we look forward to its
conclusion, which we understand remains reasonably on track and is
expected to be completed in the next month."
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 40 years of relevant experience in the oil
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).
For further information:
Solo Oil plc
Neil Ritson / Dan Maling +44 (0) 20 7440 0642
Beaumont Cornish Limited
Nominated Adviser and
Joint Broker
Roland Cornish / Rosalind
Abrahams +44 (0) 20 7628 3396
Shore Capital
Joint Broker
Jerry Keen
Beaufort Securities
Joint Broker
Jon Belliss
Buchanan (PR) +44 (0) 20 7408 4090
Ben Romney / Chris +44 (0) 20 7382 8300
Judd / Henry Wilson +44 (0) 20 7466 5000
Notes to Editors:
Solo Oil plc (Solo), is a natural resources investment company
with a diverse portfolio of onshore assets, principally in Europe
and Africa. The company seeks to deliver returns through early
stage investment in promising projects and uses management's own
sector expertise to assist in strategic asset development. Solo's
portfolio currently includes extensive interests in the prolific
Ruvuma Basin in Tanzania, the Horse Hill oil discovery in the Weald
Basin, Helium One Limited, the Tanzanian helium exploration
company, and Kiliwani North, a natural gas producing project in
Tanzania.
Glossary :
bcf billion cubic feet
------- --------------------------------
CPR Competent Persons Report
------- --------------------------------
mmscf million standard cubic feet
------- --------------------------------
mmscfd million standard cubic feet per
day
------- --------------------------------
PSA petroleum sharing agreement
------- --------------------------------
This information is provided by RNS
The company news service from the London Stock Exchange
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