Solo Oil Tanzania drill update

Solo Oil plc announces plans for the Ntorya-1 well in the onshore Ruvuma Basin Petroleum Sharing Agreement in TanzaniaSolo Oil plc announces plans for the Ntorya-1 well in the onshore Ruvuma Basin Petroleum Sharing Agreement in TanzaniaSolo Oil plc announces plans for the Ntorya-1 well in the onshore Ruvuma Basin Petroleum Sharing Agreement ("PSA") in Tanzania

PSA operator Ndovu Resources Limited, a subsidiary of Aminex plc ("Aminex"), has advised that the Caroil-6 rig which has been contracted to drill the Ntorya-1 well is currently being mobilised and is expected on site by early December and will spud the well in mid December.

The Ntorya-1 well, the second well drilled by the joint venture, will be drilled in the Mtwara Licence and is targeting marine basin floor fans of Oligocene and Cretaceous age. Over 250m of sandstones of this age were identified in the Likonde-1 well drilled in 2010 which encountered both oil and gas shows.

 

Ruvuma Basin

At the planned well location the Ntorya stratigraphic pinch-out trap is mapped to be approximately 200m up-dip of Likonde-1 and lies approximately 15km further south.  The play being tested is geologically analogous with the deep water discoveries already made in the Ruvuma Basin.

As previously reported Solo estimates that the well has a probability of success for the discovery of commercial hydrocarbons (oil or gas) of approximately 20 per cent and has mean recoverable resource potential of over 600 bcf of gas or 100 mmbbls of oil.

Site preparations have already been completed and drilling to a total depth of 2020m is expected to take 32 days.

 

Partners

Solo holds an 18.75 per cent interest in the PSA.  Partners Aminex and Tullow Oil Tanzania Limited hold 56.25 per cent and 25 per cent respectively.

Neil Ritson, Solo Executive Director, commented:

"We are delighted that the rig is now being mobilised and we can anticipate the results of this important well in early 2012.   The Ruvuma Basin is underexplored, especially onshore, and Ntorya-1 will provide an invaluable additional data point.  The presence of major discoveries elsewhere in the basin is a major encouragement."

Alain Charles Publishing, University House, 11-13 Lower Grosvenor Place, London, SW1W 0EX, UK
T: +44 20 7834 7676, F: +44 20 7973 0076, W: www.alaincharles.com

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