Solo Oil Plc Update on Kiliwani North (5668I)
June 20 2017 - 3:00AM
UK Regulatory
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 +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 :
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
END
UPDGLGDLLUDBGRG
(END) Dow Jones Newswires
June 20, 2017 03:00 ET (07:00 GMT)
Scirocco Energy (LSE:SCIR)
Historical Stock Chart
From Apr 2024 to May 2024
Scirocco Energy (LSE:SCIR)
Historical Stock Chart
From May 2023 to May 2024