Drilling Report (9099W)
07 February 2012 - 6:01PM
UK Regulatory
TIDMSOLO
RNS Number : 9099W
Solo Oil Plc
07 February 2012
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
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) +44 (0) 20 7408 4090
Pelham Bell Pottinger
Public Relations
Mark Antelme
Henry Lerwill +44 (0) 20 7861 3232
This information is provided by RNS
The company news service from the London Stock Exchange
END
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