Share Name Share Symbol Market Type Share ISIN Share Description
Solo Oil LSE:SOLO London Ordinary Share GB00B1TYBN97 ORD 0.01P
  Price Change % Change Share Price Bid Price Offer Price High Price Low Price Open Price Shares Traded Last Trade
  +0.00p +0.00% 0.25p 0.24p 0.26p 0.265p 0.235p 0.265p 70,863,130 13:40:35
Industry Sector Turnover (m) Profit (m) EPS - Basic PE Ratio Market Cap (m)
Oil & Gas Producers 0.0 -0.5 -0.0 - 19.62

Solo Oil Plc Gas Development Study,Ntorya

10/07/2017 7:00am

UK Regulatory (RNS & others)


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RNS Number : 5191K

Solo Oil Plc

10 July 2017

FOR IMMEDIATE RELEASE, Embargoed until 7 am 10 July 2017

SOLO OIL PLC

("Solo" or the "Company")

Appointment of io oil & gas consulting to

conduct a Gas Development Study, Ntorya, Tanzania

Solo is pleased to report the appointment of io oil & gas consulting ("IO"), a Baker Hughes (a GE Company) and McDermott joint venture, to prepare a gas commercialisation study to assist with the development of the Ntorya field, part of the Company's Ruvuma PSA acreage in Tanzania, operated by Aminex plc ("Aminex"). The study is designed to identify gas monetisation options including potential early development facilities to supply gas to local market and enable near term revenue generation.

The Ntorya-2 appraisal well was drilled earlier this year and successfully tested in March 2017 at a stabilized rate of 17 million cubic feet per day ("mmscfd"). The well was suspended for future production. Aminex estimates that the Ntorya appraisal area contains gross Pmean GIIP of 466 billion cubic feet.

Gas from longer-term development of the field is expected to be supplied to the Natural Gas Pipeline and in conjunction with this Solo and Aminex are keen to implement solutions for early monetisation of Ntorya gas prior to full field development. Aminex and Solo may explore options to collaborate further in the future with IO to further leverage Baker Hughes (a GE Company) and McDermott expertise in developing gas infrastructure in Tanzania.

Aminex, is in the process of applying for a 25-year development licence and is working directly with the Tanzanian Government to fast-track gas production for the benefit of the Solo/Aminex joint venture and the Tanzanian national economy.

Solo holds a 25% interest in the Ruvuma PSA and in the Ntorya gas-condensate discovery. Aminex holds the remaining 75% and is operator for the joint venture.

Neil Ritson, Solo's Chairman commented:

"We at Solo are pleased that the Ruvuma PSA joint venture has appointed IO, a company with very solid partners in GE and McDermott, to carry out the detailed gas commercialization studies at Ntorya and we look forward to the results in due course."

For further information:

 
 Solo Oil plc 
  Neil Ritson / Dan Maling    +44 (0) 20 3794 9230 
 
 Beaumont Cornish Limited 
  Nominated Adviser and 
  Joint Broker 
  Roland Cornish              +44 (0) 20 7628 3396 
  Shore Capital 
   Joint Broker 
   Jerry Keen 
   Beaufort Securities 
   Joint Broker 
   Jon Belliss 
   Buchanan (PR)               +44 (0) 20 7408 4090 
   Ben Romney / Chris           +44 (0) 20 7382 8300 
   Judd / Henry Wilson          +44 (0) 20 7466 5000 
 

Glossary :

 
 bcf         billion cubic feet 
----------  ---------------------------------- 
 discovery   a petroleum accumulation for 
              which one or several exploratory 
              wells have established through 
              testing, sampling and/or logging 
              the existence of a significant 
              quantity of potentially moveable 
              hydrocarbons 
----------  ---------------------------------- 
 GIIP        gas initially in place 
----------  ---------------------------------- 
 mmscfd      million standard cubic feet of 
              gas per day 
----------  ---------------------------------- 
 Pmean       volume at the mean value of a 
              probability distribution 
----------  ---------------------------------- 
 PSA         Petroleum Sharing Agreement 
----------  ---------------------------------- 
 

This information is provided by RNS

The company news service from the London Stock Exchange

END

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(END) Dow Jones Newswires

July 10, 2017 02:00 ET (06:00 GMT)

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