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
  -0.04p -7.48% 0.495p 0.48p 0.51p 0.535p 0.46p 0.535p 69,574,752.00 12:51:31
Industry Sector Turnover (m) Profit (m) EPS - Basic PE Ratio Market Cap (m)
Oil & Gas Producers 0.0 -2.8 -0.1 - 34.59

Solo Oil Plc Ntorya-2 Update, Tanzania

27/02/2017 2:00pm

UK Regulatory (RNS & others)


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RNS Number : 9544X

Solo Oil Plc

27 February 2017

FOR IMMEDIATE RELEASE, 2:00pm 27 February 2017

SOLO OIL PLC

("Solo" or the "Company")

Ntorya-2 Update, Tanzania

Further to the Company's announcement of 6 February 2017, Solo today confirms that production testing on the recently drilled Ntorya-2 ("NT-2") appraisal well commenced on 25 February 2017 and gas is now flowing to surface. The well will be tested with a variety of flow rates and choke sizes to determine the optimal deliverability of the well for production purposes. The Company now expects to have results of the production testing and petrophysical analysis by mid-March.

Solo has a 25% non-operating interest in the Ruvuma PSA, and in the Ntorya discovery and Ntorya-2 well, which is operated by Aminex plc.

For further information:

 
 Solo Oil plc 
  Neil Ritson                +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 
   Cassiopeia Services 
   Ltd 
   Investor and Media         +44 (0) 20 7408 4090 
   Relations                   +44 (0) 20 7382 8300 
   Stefania Barbaglio          +44 (0) 79 4969 0338 
 

The information contained in this announcement has been reviewed and approved by Neil Ritson, Chairman and Director of Solo Oil plc who has over 38 years of relevant experience in the energy sector. 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.

Glossary:

 
 appraisal            the collection of additional 
                       data, usually in the form of 
                       additional wells, on an existing 
                       discovery prior to sanctioning 
                       a development plan 
-------------------  ----------------------------------------- 
 flow or production   a flow test or well test involves 
  test                 testing a well by flowing fluids 
                       to surface, typically through 
                       a test separator. Key measured 
                       parameters are water, oil and 
                       gas flow rates, downhole pressure 
                       and surface pressure. The overall 
                       objective is to identify the 
                       well's capacity to produce hydrocarbons 
                       at a commercial flow rate 
-------------------  ----------------------------------------- 
 PSA                  petroleum sharing agreement or 
                       contract 
-------------------  ----------------------------------------- 
 petrophysics         the study of the physical and 
  or petrophysical     chemical properties of rock formations 
  analysis             and their interactions with fluids 
-------------------  ----------------------------------------- 
 

This information is provided by RNS

The company news service from the London Stock Exchange

END

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February 27, 2017 09:00 ET (14:00 GMT)

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