Solo Oil Plc Update on Kiliwani North (5668I)

TIDMSOLO

RNS Number : 5668I

Solo Oil Plc

20 June 2017

FOR IMMEDIATE RELEASE, Embargoed until 8 am 20 June 2017

SOLO OIL PLC

("Solo" or the "Company")

Update on Kiliwani North and Ruvuma, Tanzania

Solo today notes an update on the Kiliwani North and Ruvuma projects in Tanzania from operator Aminex plc ("Aminex").

In a news statement released this morning Aminex states:

Production at Kiliwani North has averaged approximately 15 million cubic feet per day for the first five months of 2017. The Company intends to re-enter the Kiliwani North 1 well to gather downhole data later in the year and shareholders will be advised when this has been implemented.

Work on the updated basin model for the Ruvuma acreage is ongoing to evaluate deeper targets and liquids potential in the Basin. This information will be incorporated in the Ntorya 3 drilling programme in order to maximise target potential at greater depths. A development plan is in preparation and the Company is working directly with the Tanzanian Petroleum Development Corporation ('TPDC'). This will include early production opportunities to be implemented prior to a longer-term project for tying a fully appraised and developed gas field into the Madimba gas processing plant and the national pipeline system.

The Company has noted and continuously monitors recent political uncertainties which have arisen in the Tanzanian mining industry. These are not believed to affect Aminex's domestic gas supply business, which is for local consumption with gas metered and sold at wellhead by both TPDC and Ndovu on a daily basis. Aminex as ever works closely with the TPDC and with the Ministry of Energy and Minerals.

Neil Ritson, Solo's Chairman commented:

"Work on commercialising the Ntorya gas-condensate discovery continues to advance with a view to both short and longer term monetisation of the significant accumulation proven by the Ntorya-1 and -2 wells. We look forward to assisting Aminex in this work and to reporting on it as it reaches conclusions. In parallel, Solo is seeking partners to farm-in to or acquire its interest in the project when a 25-year development licence is granted, which is expected to be later this year."

For further information:

 
 Solo Oil plc 
  Neil Ritson / Dan Maling    [phone] 
 
 Beaumont Cornish Limited 
  Nominated Adviser and 
  Joint Broker 
  Roland Cornish              [phone] 
  Shore Capital 
   Joint Broker 
   Jerry Keen 
   Beaufort Securities 
   Joint Broker 
   Jon Belliss 
   Buchanan (PR)               [phone] 
   Ben Romney / Chris           [phone] 
   Judd / Henry Wilson          [phone] 
 

Glossary :

 
 condensate   gas condensates are liquids that 
               can condense from gas when the 
               temperature and pressure drop 
               sufficiently low, typically condensates 
               exhibit gravities of > 45 degree 
               API 
-----------  ----------------------------------------- 
 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 
-----------  ----------------------------------------- 
 mmscfd       million standard cubic feet of 
               gas per day 
-----------  ----------------------------------------- 
 

This information is provided by RNS

The company news service from the London Stock Exchange

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June 20, 2017 03:00 ET (07:00 GMT)