Solo Oil PLC (LON:SOLO) chairman Neil Ritson has told investors he is delighted that the Ntorya project in Tanzania is now gaining momentum, following a project update from partner Aminex plc (LON:AEX).
AIM quoted Solo Oil has a 25% stake in the project where Aminex, the operator of the project, has now checked off an important item off the checklist as they continue to count down to the new well for the Ntorya discovery.
“We understand that the Carol#2 rig, which is already located nearby at the Ntorya-1 site, will be mobilised and rigged up shortly to drill this high impact well,” Ritson said.
“We look forward to further news as we move towards spud date."
A rig contract has now been signed. It is now anticipated that Carol-2 drilling rig, which is onsite at the Ntorya-1 well will now be moved the 1.6 kilometres southwest to the location of Ntorya-2 well.
One firm well is contracted, and there is an option for one further well, Aminex confirmed.
Work is expected to get underway in six-to-eight weeks on the first of two wells on Aminex’s giant gas discovery in Tanzania’s Ruvuma basin.
Aminex chief executive Jay Bhattacherjee, speaking in a recent Proactive Investors interview, explained that the Ruvuma programme’s first results are expected by around Christmas.
It is expected that the first well, Ntorya-2, will take 50-60 days to drill, followed by testing.
Aminex’s plan is to complete Ntorya-2 and 3 in fairly quick succession with the aim of bringing one of two into production soon after.
The first will appraise the original discovery, which came in at 70bn cubic feet, while the second will assess the potential of the Cretaceous and Tertiary reservoirs, estimated to be host to 1.5trln cubic feet of gas.
Discoveries could be brought on-stream using the main Ruvuma pipeline and facilities, which became operational last year.