Drilling Plans, Tanzania

RNS Number : 9574H

Solo Oil Plc

07 June 2011

 



For Immediate Release, 7 am

7 June 2011

SOLO OIL PLC

("Solo" or the "Company")

Drilling Plans, Tanzania

Solo Oil plc, the AIM listed International Oil and Gas Exploration and Development Company, today announces plans for the drilling of an exploration well, Ntorya-1, in the Mtwara Block of the Ruvuma Basin PSA in Tanzania with its partners Tullow Oil plc (operator) (LSE:TLW) and Aminex plc (LSE:AEX).

In 2010 the partnership, in which Solo holds a 12.5% interest, drilled the Likonde-1 well in the Lindi Block.  The Likonde-1 well was drilled to a TD of 3,647 metres and intersected two sandstone intervals with a combined thickness of over 250 metres (820 feet), with evidence of residual oil and gas. Drilling of Likonde-1 was terminated due to high gas influx.

The Ntorya-1 well will be drilled in the Mtwara Block about 14 kilometres south of Likondi-1.  It is planned to drill the well to a total depth of around 2020 metres, targeting the same high quality Lower Tertiary reservoir sands encountered in the Likonde-1 well.  Seismic interpretation places the sands structurally up-dip at Ntorya-1 relative to Likonde-1.  Solo estimate that the well has a probability of success for the discovery of hydrocarbons (oil or gas) of approximately 20%, and that there is a mean recoverable resource potential of approximately 630 bcf.

The Tanzanian authorities have approved the drilling, which meets a licence obligation in the current exploration period of the PSA. The Caroil-6 rig has been secured for this well and it is expected to spud in September or October 2011. 

Solo Executive Director Neil Ritson commented;

"We are delighted that approval has been given to the drilling of Ntorya-1, which is a stratigraphic up-dip test of the sands found in the Likonde-1 well drilled last year.  Ntorya is one of several possible prospects and we feel confident that many more leads can be matured for drilling in this highly prospective and under-explored basin."

For further information:

Solo Oil plc David Lenigas Neil Ritson	[phone]
Beaumont Cornish Limited Nominated Adviser and Joint Broker Roland Cornish	[phone]
Shore Capital Joint Broker Pascal Keane Jerry Keen	[phone]

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:

bcf                          - billion cubic feet of gas

PSA                        - Production Sharing Agreement

spud                       - commencement of drilling operations using a rotary drill bit at surface

TD                         - total depth

 

END

 

 

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