Solo Oil PLC (LON:SOLO) chairman Neil Ritson has described himself as “pleased” with the evident progress partner Aminex plc (LON:AEX) is making in the preparations for an upcoming appraisal and exploration programme in the Ruvuma project area.
Aminex, separately, this morning revealed that the Chikumbi-1 well (which was just renamed from Ntorya-3) will now be drilled deeper to test an additional exploration target.
The planned well will, meanwhile, still test of the same gas reservoirs that were discovered in Ntorya-1 and Ntorya-2 , but, it is in an up-dip location. In all, the well will now be drilled down to 3,000 feet.
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Aminex also told investors that it is expecting a rig tendering process to close during the current quarter, and the Chikumbi well spud-date is anticipated later this year (though exact timing will depend upon rig availability).
The project operator also said that the Tanzanian authorities have approved an environmental impact assessment for a proposed programme of 2D and 3D seismic acquisition over the Ruvuma acrea, and it noted that the focus will be on the Ntorya discovery area.
Additionally, Aminex noted that it remains in “advanced discussions” with Zubar Corporation over a potential farm-out of the Ruvuma asset.
Solo hold a 25% stake in Ruvuma, while Aminex presently owns all of the other 75%.
Neil Ritson, in Solo’s statement, said: “We are pleased that plans to drill at Ntorya continue to advance and that a second target below the Ntorya discovery can additionally be tested with the planned well.
“Solo continues to make its own plans, in parallel with Aminex, to fund the eventual development of Ntorya, which we anticipate will follow the Chikumbi-1 well.
“The receipt of a 25-year development licence for the Ntorya discovery remains a key step in our plans to monetise the discovery and we look forward to further news on that in due course."