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Solo Oil Plc (SOLO)

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Monday 18 June, 2012

Solo Oil Plc

Drilling Report

RNS Number : 5575F
Solo Oil Plc
18 June 2012
 

For Immediate Release                                                                                                                                                     18 June 2012

 

 

SOLO OIL PLC

("Solo")

Update Ntorya-1 Testing, Tanzania

 

Solo today announces an update on plans for testing the gas discovery made in the Ntorya-1 well in the Ruvuma Basin onshore in southern Tanzania. 

 

On the 27th February 2012, Solo and Aminex reported that a gas discovery had been made in a 25 metre (80 foot) gross Cretaceous sandstone interval between 2,660 metres and 2,685 metres.   

 

Further to the announcement on the 30th April 2012, Solo has been informed by the operator that the majority of the equipment required to conduct a flow test of the well has now been mobilised to site.  A number of remaining components will arrive over the next few days and testing is expected to commence shortly.  The test sequence is anticipated to take 10 to 15 days to complete.  Results of the testing will be announced once available.

 

Solo holds a 25% interest in the Ntoya-1 discovery and the 12,360 square kilometre Ruvuma PSA.  The PSA is operated by Ndovu Resources Ltd (a subsidiary of Aminex) holding the remaining 75% interest.

 

Neil Ritson, Solo Executive Director, commented; 

 

"Solo is optimistic that the gas charged pay interval discovered at 2,600 metres has the potential to flow at significant rates.  We look forward to the results of the testing, which we believe will confirm the commercial extension of the highly successful offshore gas play."

 

 

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

+44 (0) 20 7440 0642



Beaumont Cornish Limited

Nominated Adviser and Joint Broker

Roland Cornish

+44 (0) 20 7628 3396



Old Park Lane Capital Plc

Joint Broker

Michael Parnes

Luca Tenuta

 

Shore Capital

Joint Broker

Pascal Keane

Jerry Keen (Corporate Broker)

 

Pelham Bell Pottinger                            

Public Relations

Mark Antelme

 Henry Lerwill

 

+44(0) 20 7493 8188

 

 

 

 

 

 

+44 (0) 20 7408 4090

 

 

 

 

+44 (0) 20 7861 3232                          

 

 


This information is provided by RNS
The company news service from the London Stock Exchange
 
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