Additional Information
Market: AIM
Sector: Energy
EPIC: SOLO
Latest Price: 0.47p  (4.44% Ascending)
52-week High: 3.12p
52-week Low: 0.41p
Market Cap: 12.18M
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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 production assets.

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RNS Release - Drilling Update

27th Jan 2012, 7:00 am
RNS Number : 2737W
Solo Oil Plc
27 January 2012
 

For Immediate Release

27 January 2012

 

 

SOLO OIL PLC

("Solo" or the "Company")

Ntorya-1 Drilling Update

 

 

Solo Oil plc today provides an update on the drilling of the Ntorya-1 exploration well in the Ruvuma Basin onshore in Tanzania operated by Ndovu Resources Ltd (a subsidiary of Aminex). 

 

The well was spudded on the 22 December 2011 and has been drilled to 1,535 metres where an intermediate casing string has been set.  The well is now drilling ahead towards the target interval of approximately 1,800 to 1,900 metres depth. The well is expected to reach total depth around the end of January.

 

The Ntorya-1 well is designed to test the high quality Basal Tertiary and Upper Cretaceous sands previously encountered in the Likonde-1 well, 14 kilometres to the north.  Solo estimates that the Ntorya Prospect has a probability of success of around 25%, with mean recoverable resource potential of 100 million barrels of oil equivalent.

 

Partners in the well are:

 

Ndovu Resources Ltd                                      56.25% (operator)

Tullow Tanzania B.V.                                      25%

Solo Oil plc                                                      18.75%

 

Competent Person's Statement:  The information contained in this announcement has been reviewed and approved by Neil Ritson, Chief Executive Officer and Director for Solo Oil Plc who has 35 years of relevant experience in the oil industry.  Mr. Ritson is a member of the Society of Petroleum Engineers, an Active Member of the American Association of Petroleum Geologists and is a Fellow of the Geological Society of London.

 

For further information:

 

Solo Oil plc

David Lenigas

Neil Ritson

+44 (0) 20 7440 0642



Beaumont Cornish Limited

Nominated Adviser and Joint Broker

Roland Cornish

+44 (0) 20 7628 3396



Shore Capital

Joint Broker

Pascal Keane

Jerry Keen (Corporate Broker)

 

Pelham Bell Pottinger                            

Public Relations

Mark Antelme

Henry Lerwill

 

+44 (0) 20 7408 4090

 

 

 

 

+44 (0) 20 7861 3232                          

 


This information is provided by RNS
The company news service from the London Stock Exchange
 
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