Solo Oil Plc Submission of Ntorya Development Plan (8997P)

TIDMSOLO

RNS Number : 8997P

Solo Oil Plc

06 September 2017

FOR IMMEDIATE RELEASE; Embargoed until 7 am

6 September 2017

SOLO OIL PLC

("Solo" or the "Company")

Submission of Ntorya Development Plan

Solo is pleased to announce that the Development Plan for the Ntorya gas condensate field, located onshore in the Ruvuma Basin Tanzania has been submitted to the Tanzania Petroleum Development Corporation ("TPDC") for approval. The Development Plan is a key step towards monetisation of the Ntorya field which lies within the Ruvuma Basin Petroleum Sharing Agreement ("Ruvuma PSA") where Solo holds a 25% working interest.

The Development Plan, which incorporates the findings from the Gas Commercialisation Study conducted by io oil and gas consulting (a joint venture between a Baker Hughes (a GE Company) and McDermott ), is a comprehensive review of the existing data and includes the findings of new mapping and the recently upgraded resource estimates of approximately 1.3 trillion cubic feet ("tcf") Pmean gas initially in place ("GIIP").

The Development Plan considers several options for gas monetisation including; Compressed Natural Gas, Gas to Power and directly connecting the gas produced from Ntorya to the Madimba Plant in South Eastern Tanzania via a pipeline approximately 35 kilometre in length. Aminex plc ("Aminex"), the operator, has applied for a staged development of the field to allow for an early production scheme with the existing wells and an additional programme of further development wells based on demand.

As part of the development of the Ntorya field and in order to further delineate the reservoir and meet the expanding gas market in Tanzania, Aminex and Solo will review the timing for spudding the Ntorya-3 well and will update the market during Q4 2017.

Neil Ritson, Executive Chairman of Solo, commented:

"Submission of the Ntorya Development Plan is a major milestone as we progress towards unlocking major value in the field and in the Ruvuma PSA generally. Solo is working closely with Aminex on the development and monetisation options and also continues to consider its own monetisation options, which have been greatly enhanced by the significant resources upgrade announced earlier this week and the filing of the development plan. We will continue to update the market as progress on commercialisation proceeds."

For further information:

 
 Solo Oil plc 
  Neil Ritson / Fergus 
  Jenkins                    [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] 
 

Qualified Person's Statement:

The information contained in this announcement has been reviewed and approved by Neil Ritson, Chairman and Director for Solo Oil plc, who has over 39 years of relevant experience in geology, resource estimation and the oil and gas industry. Mr. Ritson is a member of the Society of Petroleum Engineers (SPE), an Active Member of the American Association of Petroleum Geologists (AAPG) and is a Fellow of the Geological Society of London (BGS).

Glossary:

 
 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 
-----------  ----------------------------------------- 
 condensate   gas condensates are liquids that 
               can condense from gas when the 
               temperature and pressure drop 
               sufficiently low, typically condensates 
               exhibit API gravities of > 45 
               degree 
-----------  ----------------------------------------- 
 GIIP         gas initially in-place 
-----------  ----------------------------------------- 
 in-place     the volume of hydrocarbons, oil 
               or gas, estimated to be in place 
               within the reservoir converted 
               to standard temperature and pressure 
-----------  ----------------------------------------- 
 Pmean        the most likely estimate of a 
               parameter based on all available 
               data being the estimate at the 
               mean of the probability distribution 
-----------  ----------------------------------------- 
 PSA          petroleum sharing agreement 
-----------  ----------------------------------------- 
 resources    those quantities of petroleum 
               which are estimated, at a given 
               date, to be present in a discovered 
               accumulation 
-----------  ----------------------------------------- 
 tcf          trillion cubic feet 
-----------  ----------------------------------------- 
 TPDC         Tanzania Petroleum Development 
               Corporation 
-----------  ----------------------------------------- 
 

Notes to Editors:

Solo Oil plc (Solo), is a natural resources investment company with a diverse portfolio of onshore assets, principally in Europe and Africa. The company seeks to deliver returns through early stage investment in promising projects and uses management's own sector expertise to assist in strategic asset development. Solo's portfolio currently includes extensive interests in the prolific Ruvuma Basin in Tanzania, the Horse Hill oil discovery in the Weald Basin, Helium One Limited, the Tanzanian helium exploration company, and Kiliwani North, a natural gas producing project in Tanzania.

This information is provided by RNS

The company news service from the London Stock Exchange

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September 06, 2017 02:00 ET (06:00 GMT)