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Market: AIM
Sector: Energy
EPIC: SOLO
Latest Price: 0.69p  (1.47% Ascending)
52-week High: 3.12p
52-week Low: 0.43p
Market Cap: 17.39M
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Solo Oil
www.solooil.co.uk

Solo Oil plans to acquire a diverse portfolio of direct and indirect interests in exploration, development and production oil and gas assets which are based in the Americas, Europe or Africa. Both on-shore and off-shore interests will be considered. The intention is to acquire a widely distributed mix of oil and gas development and production assets.

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Solo Oil reports that Ntorya-1 well in Tanzania will spud within two weeks

5th Dec 2011, 7:46 am by Jon Mainwaring Ntorya-1 is targeting the equivalent of 100 million barrels of oil

Oil and gas explorer Solo Oil (LON:SOLO) announced this morning that its Ntorya-1 well site in Tanzania is set to spud within a fortnight. 

The firm said that Aminex, the operator of the Ruvuma Basin production sharing agreement (PSA) where Ntorya lies on the Mtwara block, advised it that the Ntorya well site was completed in late Octover and that the rig accommodation has now been fully installed. The contract rig, Caroil-6, has been barged to Mtwara port and is now being moved 30 kilometres by road to the site.

Rig up is anticipated to take 12 days and the well is expected to spud around the third week of December.

The Ntorya-1 well will be drilled to a depth of approximately 2,026 metres and will test the Tertiary and late Cretaceous sandstone sequence identified in the Likonde-1 well that was previously drilled by the partners (who also include Tullow Oil) in the PSA 14 kilometres to the north. The Ntorya-1 well is expected to take 30 days to drill.

Ntorya-1 is the second well in the PSA and is targeting the same hydrocarbon play as has already been proved offshore. Solo estimates the Ntorya prospect to have a mean, un-risked potential resource of approximately 100 million barrels of oil or 600 billion standard cubic feet of gas, with a chance of success of one-in-four.

Solo has an 18.75 per cent interest in the PSA.

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