Drilling Report

RNS Number : 1343Y

Solo Oil Plc

27 February 2012

 

For Immediate Release (Embargoed until 7 am)

27 February 2012

SOLO OIL PLC

("Solo" or the "Company")

DISCOVERY IN TANZANIA EXTENDS RUVUMA GAS PLAY ONSHORE

Solo Oil plc today announces a gas discovery at the Ntorya-1 exploration well in the Ruvuma Basin onshore in Tanzania where the Company holds a 25% interest.

Further to the announcement on 15 February 2012 which reported strong gas shows in a good quality Cretaceous reservoir sandstone at a depth of 2,660 metres, open hole electric logs have now been acquired over the zone of interest and to total depth at 2,750 metres. Evaluation of the electric logs has confirmed the presence of reservoired gas.

The electric logs show a gross sand interval of 25 metres from 2,660 to 2,685 metres with a 3 metre net gas bearing pay zone at the top of the interval with porosities of 20%.  A further 16.5 metre lower sandstone interval contains additional probable gas pay. 

The presence of gas bearing reservoir sandstones in the Ntorya-1 well confirms the potential for additional prospectivity in the thick Mesozoic sandstones that were encountered in the Likonde-1 well, drilled in 2010, approximately 14 kilometres to the north.

A 7 inch liner will now be run to total depth and the well will then be deepened by a further 250 metres to investigate a prominent seismic event estimated to lie at 3,000 metres.  Since oil shows were previously encountered in Likonde-1, this deeper target has the potential to represent additional pay with liquid hydrocarbons.

After Ntorya-1 has been deepened it will be suspended for flow testing at a later date once suitable equipment can be mobilsed.

Solo Executive Director, Neil Ritson, commented:

"With the recent high profile offshore exploration successes in the Ruvuma Basin we are delighted to have been able to extend the proven gas fairway onshore in Tanzania.  There is immense potential to pursue additional opportunities within the Ruvuma PSA and the probable construction of gas infrastructure at the coast, just 25 kilometres away, makes commercial development very likely."

Participants in the discovery and the deepening of the well below 2,500 metres are:

Ndovu Resources Ltd (Aminex)                       75% (operator)

Solo Oil plc                                                      25%

Competent Person's Statement:  The information contained in this announcement has been reviewed and approved by Neil Ritson, Chief Executive Officer and Director for Solo 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.

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 Ed Mansfield Pelham Bell Pottinger                             Public Relations Mark Antelme Henry Lerwill	[phone] [phone]

 

END

 

 

DRLMMGZZLVGGZZM