For Immediate Release, 7 am
7 February 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 Petroleum Sharing Agreement ("PSA") area onshore in Tanzania.
The well was spudded on the 22 December 2011 and is now at a depth of 2,500 metres. Sandstone reservoirs were not encountered as originally prognosed at depths between 1,800 to 1,900 metres, however sandstones were encountered at depths from 2300 metres to the current depth, over which minor gas shows were also observed.
Wireline logs and a seismic check-shot survey are now being recorded in order to evaluate the section already drilled and to determine if additional drilling is worthwhile.
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.
Neil Ritson, Solo Executive Director, commented;
"Ntorya is only the second recent well in the onshore portion of the Ruvuma basin in Tanzania and we are clearly still establishing the accurate correlation between the seismic and well stratigraphy. Additional evaluation of these well results will I am sure be key in helping to unlock the potential for the Tertiary and Cretaceous hydrocarbon plays within the PSA."
Partners in the well are:
Ndovu Resources Ltd (Aminex) 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 |
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Beaumont Cornish Limited Nominated Adviser and Joint Broker Roland Cornish | +44 (0) 20 7628 3396 |
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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 |
