Seismic Acquisition, Tanzania

RNS Number : 7608H

Solo Oil Plc

22 May 2014

 

For Immediate Release

22 May 2014

SOLO OIL PLC

("Solo" or "Company")

Seismic Acquisition, Tanzania

Solo today announces that the operator of the Ruvuma Petroleum Sharing Contract, Aminex PLC ("Aminex"), has notified the Company that the 2D seismic acquisition to appraise up-dip portion of the Ntorya-1 discovery is now complete and processing has begun. Fully interpreted results are expected during Q3 2014.

As announced on 27 March 2014, a programme of 2D seismic was planned in the Ntorya Appraisal Licence of the onshore Ruvuma Petroleum Sharing Contract.  This new seismic data, which totals approximately 180 kilometres, will assist in delineating the Ntorya discovery and thereby allow the optimisation of future production wells.  The data was acquired on time and on budget.

Neil Ritson, Solo Executive Director, commented:

"Acquisition of the infill seismic data over the Ntorya gas condensate discovery is an important next step in the monetisation process for the discovery.  This is especially timely as the commissioning of the new gas pipeline, currently under construction, to the market in Dar es Salaam will make Ntorya especially valuable.  We look forward to seeing the results of the processing and interpretation as they are concluded."

Participants in the Ruvuma PSA are currently; Ndovu Resources Ltd (Aminex) 75% (operator) and Solo Oil Plc 25%.

Competent Person's Statement:

The information contained in this announcement has been reviewed and approved by Neil Ritson, Executive Director for Solo Oil Plc who has over 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 Neil Ritson	[phone]
Beaumont Cornish Limited Nominated Adviser and Joint Broker Roland Cornish	[phone]
Old Park Lane Capital Plc Joint Broker Michael Parnes Shore Capital Joint Broker Pascal Keane Jerry Keen (Corporate Broker) Bell Pottinger                             Public Relations Mark Antelme Henry Lerwill	[phone] [phone] [phone]

 

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