Operational Update, Tanzania

RNS Number : 6220Y

Solo Oil Plc

23 August 2018

 

23 August 2018

SOLO OIL PLC

("Solo" or the "Company")

Operational Update, Tanzania

Solo Oil plc (LSE AIM: SOLO) is pleased to note the announcement made today by Aminex plc ("Aminex") relating to operations in Tanzania and as set out in Appendix 1 below.

The Company holds a 25% beneficial interest in the Ruvuma PSA and 7.55% interest in Kiliwani North-1.

Alastair Ferguson, Solo's Chairman, commented:

"We are pleased to see operational progress being made by Aminex in operations in Tanzania. The rig tendering process is an important step towards the planning and execution of Chikumbi-1, a well designed to further unlock the potential resources in the Ruvuma PSA. We look forward to further updates from Aminex on Kiliwani North-1 as the well stimulation works continue."

For further information:

Solo Oil plc Dan Maling	[phone]
Beaumont Cornish Limited Nominated Adviser and Joint Broker Roland Cornish / Rosalind Abrahams	[phone]
Shore Capital Joint Broker Jerry Keen Buchanan (PR) Ben Romney / Chris Judd / Henry Wilson	[phone] [phone]

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.   

 

Appendix 1

23^rd August 2018

Aminex plc

 ("Aminex" or "the Company")

Operational Update

Aminex is pleased to provide the following update on its operations in Tanzania.

Ruvuma PSA

The tendering process for a rig to drill Chikumbi-1 (CH-1) is now complete and the Company has received numerous bids. These bids are being evaluated on their technical and commercial merits.  CH-1 is located updip from both the Ntorya-1 discovery well, which tested at rates of up to 20 MMcf/d with 139 bbls of condensate, and from the Ntorya-2 well which tested at a stabilised rate of approximately 17 MMcf/d.   The well is expected to delineate the Ntorya gas field in a significantly thicker section of the Cretaceous reservoir system and is also being planned to evaluate a potential deeper exploration target in the Jurassic formation.  If successful, CH-1 is expected to be produced into the existing Madimba Gas Processing Plant and ultimately integrated into a full field development programme.

Kiliwani North-1

Pressure at the Kiliwani North-1 well has sufficiently built up and the Company continues to work with all parties to stimulate the reservoir as soon as possible. 

Jay Bhattacherjee, Chief Executive Officer of Aminex said:

"The Company continues to progress the completion of the proposed farm out transaction while driving forward operations over its key assets at Ruvuma and Kiliwani North."

Ends

Aminex PLC  

Jay Bhattacherjee, Chief Executive Officer                                          [phone]

Max Williams, Chief Financial Officer

Shore Capital 

Jerry Keen                                                                                                  [phone]

Davy 

Brian Garrahy                                                                                           [phone]

Camarco 

Billy Clegg / Gordon Poole                                                                      [phone]

 

END

 

 

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