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TIDMSOLO
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 27(th) 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 30(th) 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 +44(0) 20 7493 8188
Luca Tenuta
Shore Capital
Joint Broker
Pascal Keane
Jerry Keen (Corporate
Broker) +44 (0) 20 7408 4090
Pelham Bell Pottinger
Public Relations
Mark Antelme
Henry Lerwill +44 (0) 20 7861 3232
This information is provided by RNS
The company news service from the London Stock Exchange
END
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