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Market: AIM
Sector: Energy
EPIC: SOLO
Latest Price: 0.16p  (-5.88% Descending)
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Market Cap: 7.35M
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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...

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Solo Oil highlights good progress at Ausable Reef despite minor delays

March 06 2012, 7:32am Solo Oil highlights good progress at Ausable Reef despite minor delays

Solo Oil (LON:SOLO) says good progress is being made with the critical elements of the Ausable enhanced oil recovery project in Ontario, Canada.

Lifting production depends on a number of technical modifications at the field, it said.

These modifications are currently being carried out by Solo’s partner Reef Resources, and its work has run into a couple of delays. However, Reef remains upbeat about the project.

"While progress at times has suffered from some minor delays, all the components of what we believe will be a very successful and productive program are now coming together at Ausable," said Arnie Hansen, president of Reef Resources.

Extremely wet weather has caused a delay in building the pipeline from the South Airport gas well, which provides gas for injection into Ausable. Reef Resources says operations will resume once the ground conditions have improved.

Meanwhile an unrelated issue related to gas supplier Union Gas means the ‘bought in’ gas for Ausable will also be delayed. Union Gas was due to reverse the gas meter at the end of last month but an internal planning issue, at Union Gas, has delayed the work until March 19.

Reef said it will be able to start gas injection operations once the gas flow is reversed and it has made a number of modifications to facilities.

Additionally Reef explained that it has purchased some larger parts, and is contracting the manufacture of others, to handle the larger volumes of oil, natural gas and water in the upgraded EOR project.

There are also a number of technical changes being made in relation to the venture pumps.

Elsewhere drilling continues on another gas well, this time at the North Airport site. It is currently at a depth of 280 metres and it will be drilled down to a total depth of 608 metres.

"Meeting the field production target of 500 bopd by end 2012 depends on successfully implementing a range of technical modifications at the Ausable Field, the import of gas from Union Gas and from the joint ventures own Airport reefs, and the full commissioning of the venturi pumping system successfully trialled in 2011 at Ausable-1,” said Neil Ritson, executive director of Solo Oil.

“Good progress is being made on all the critical elements.  

“In addition, the North Airport exploration well is anticipated to reach the reservoir in April and may give a further boost to the available equity gas for the EOR scheme."

 

Solo has a 38.1 per cent stake in the Ausable Reef venture, as a result of a loan it made to Reef in April 2010.

Subsequently Solo converted its loan into an equity stake in the project and made additional investments to increase its stake to the currnent level.

 

In a note to clients, Shore Capital oil analyst Craig Howie said: "Solo reports that good progress is being made on all critical elements, and we continue to see the potential for strong production growth, notwithstanding any minor slippage."

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