Solo Oil Plc Operational update, Kiliwani North, Tanzania (4161M)
27 April 2018 - 9:15PM
UK Regulatory
TIDMSOLO
RNS Number : 4161M
Solo Oil Plc
27 April 2018
FOR IMMEDIATE RELEASE
27 April 2018
SOLO OIL PLC
("Solo" or the "Company")
Operational Update Kiliwani North, Tanzania
Solo today announces an update on operations at the Kiliwani
North gas field in Tanzania provided by Aminex plc ("Aminex") who
operate the Kiliwani North Development Licence ("KNDL") in which
Solo holds a 7.55% interest.
Aminex continues to produce from the Kiliwani North-1 well at
restricted rates while evaluating various alternatives to remediate
the well productivity. Due to inlet pressure limitations and the
presence of fluid build-up within the wellbore, the well has been
produced infrequently in order to maintain basic plant
operations.
Since the end of December Aminex has undertaken a detailed
simulation study on the Kiliwani North field based on a history
match of past reservoir performance and now believes that an
opportunity may exist to access unperforated reservoirs capable of
recovering additional gas volumes. Equipment to conduct this
workover has already been identified in country and pending further
work on plant specifications and appropriate government approvals,
Aminex intends to re-enter the well and perforate the untapped gas
zone.
The addition of surface compression facilities to the well
remains an option; however, it is now felt that a workover of the
wellbore offers more immediate gains in terms of both production
potential and reserves recovery.
Neil Ritson, Solo's Chairman, commented:
"It is encouraging that the technical work recently completed
shows that further gas production and reserves can be accessed
through a recompletion of the existing well and we look forward to
confirmation of the operators plans as they firm up."
Further updates will be provided as they are available.
Qualified Person's Statement:
The information contained in this announcement has been reviewed
and approved by Neil Ritson, Chairman and Director for Solo Oil
plc, who has over 40 years of relevant experience in the oil
industry. Mr. Ritson is a member of the Society of Petroleum
Engineers (SPE), an Active Member of the American Association of
Petroleum Geologists (AAPG) and is a Fellow of the Geological
Society of London (BGS).
This announcement contains inside information for the purposes
of Article 7 of EU Regulation 596/2014.
For further information:
Solo Oil plc
Neil Ritson / Dan Maling +44 (0) 20 7440 0642
Beaumont Cornish Limited
Nominated Adviser and
Joint Broker
Roland Cornish / Rosalind
Abrahams +44 (0) 20 7628 3396
Shore Capital
Joint Broker
Jerry Keen
Buchanan (PR)
Ben Romney / Chris +44 (0) 20 7408 4090
Judd / Henry Wilson +44 (0) 20 7466 5000
Notes to Editors:
Solo Oil plc (Solo), is a natural resources investment company
with a diverse portfolio of onshore assets, principally in Europe
and Africa. The company seeks to deliver returns through early
stage investment in promising projects and uses management's own
sector expertise to assist in strategic asset development. Solo's
portfolio currently includes extensive interests in the prolific
Ruvuma Basin in Tanzania, the Horse Hill oil discovery in the Weald
Basin, Helium One Limited, the Tanzanian helium exploration
company, and Kiliwani North, a natural gas producing project in
Tanzania.
This information is provided by RNS
The company news service from the London Stock Exchange
END
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