Ntorya-1 Drilling Update

RNS Number : 2566V

Solo Oil Plc

10 January 2012

 



For Immediate Release, 7 am

10 January 2012

SOLO OIL PLC

("Solo" or the "Company")

Ntorya-1 Drilling Update

Solo Oil plc today provides an update on the drilling of the Ntorya-1 exploration well in the Ruvuma Basin onshore in Tanzania. 

The well was spudded on the 22 December 2011 and subsequently set 20" casing at 125 metres before drilling to 548 metres where a 13 3/8" casing has been set in Miocene claystones.

After installation of the top drive to the rig the well is now drilling ahead in a 12 1/4" hole at a depth of 620 metres and is expected to set a further casing at a depth of approximately 1,600 metres before drilling on to the target. The target interval is expected at a depth of approximately 1,800 to 1,900 metres and is expected to reach total depth in late January 2012.

The Ntorya-1 well is designed to test the high quality Basal Tertiary and Upper Cretaceous sands previously encountered in the Likonde-1 well, 14 kilometres to the north.  As previously announced, Solo estimates that the Ntorya Prospect has a probability of success of around 25%, with mean recoverable resource potential of 100 million barrels of oil equivalent.

Partners in the well are:

Ndovu Resources Ltd (Aminex)                       56.25% (operator)

Tullow Tanzania B.V.                                      25%

Solo Oil plc                                                      18.75%

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 Jerry Keen (Corporate Broker) Pelham Bell Pottinger                             Public Relations Mark Antelme Henry Lerwill	[phone] [phone]

 

END

 

 

DRLBIGDBBDGBGDC