Solo Oil PLC (LON:SOLO) chairman Alastair Ferguson said the company is pleased with the operational progress being made in Tanzania by joint venture partner Aminex plc (LON:AEX).
The AIM-quoted company has a 25% stake in the Ruvuma PSA which hosts the Ntorya project and the planned next well, the Chikumbi-1 (CH-1) well.
Aminex today told investors that it is preparing for the drilling of the Chikumbi-1 (CH-1) well in Tanzania. It will be a follow-up to the successful wells of the Ntorya project, with CH-1 located up-dip from both the Ntorya-1 and Ntorya-2 wells.
READ: Aminex looks ahead to next Tanzania well
"We are pleased to see operational progress being made by Aminex in operations in Tanzania,” Ferguson said.
“The rig tendering process is an important step towards the planning and execution of Chikumbi-1, a well designed to further unlock the potential resources in the Ruvuma PSA.
“We look forward to further updates from Aminex on Kiliwani North-1 as the well stimulation works continue."
The well is expected to delineate the Ntorya gas field in a significantly thicker section of the reservoir system and is also intended to evaluate a deeper exploration target. Success is expected to lead to production into the existing Madimba gas processing plant, before being integrated into a wider field development. A tendering process is now underway to hire a rig for the CH-1 programme.
"The company continues to progress the completion of the proposed farm-out transaction while driving forward operations over its key assets at Ruvuma and Kiliwani North," said Jay Bhattacherjee, Aminex chief executive.
Additionally, the company noted that pressure in the Kiliwani North-1 well has built up sufficiently and work continues to stimulate production as soon as possible.