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TIDMSOLO
RNS Number : 8884F
Solo Oil Plc
21 June 2012
For Immediate Release
21 June 2012
SOLO OIL PLC
("Solo")
Ntorya-1 Testing, Tanzania
Solo today announces an update on the ongoing testing of the gas discovery made in the Ntorya-1 well in the Ruvuma Basin onshore in southern Tanzania.
As previously reported by Solo, a gas discovery has been made in a 25 metre (80 foot) gross Cretaceous sandstone interval between 2,663 metres and 2,688 metres. This interval is now being tested to establish the level of production that can be obtained.
The testing equipment has been set up on site and the upper 3.5 metres of net pay sand has been perforated. After an initial clean-up flow, during which gas was flowed to surface in order to clean the well, the well has been shut-in to install pressure gauges. The main flow test is expected to commence tomorrow and to take approximately four days to complete. Results will be announced following completion of the flow test.
Participants in the Ruvuma PSA are: Ndovu Resources Ltd (Aminex) 75% (operator) and Solo Oil Plc 25%.
Neil Ritson, Solo Executive Director, commented;
"The testing of the Ntorya-1 well is vindication of the strategic decision taken by Solo in 2009 to farm-in to the Ruvuma PSA. The testing follows Solo's participation in the Likonde-1 well, which proved the presence of both reservoir and hydrocarbons, and the Ntorya-1 discovery. We have also increased our participation from 12.5% to 25% in the Ruvuma PSA at a time when major discoveries have been made in adjacent areas.
The onshore location and close proximity of the Mtwara gas-to-power facility, which requires additional gas supplies, represents a significant commercial advantage. We look forward to the test results in the coming weeks."
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 +44(0) 20 7493 8188
Michael Parnes
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
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