Solo Oil Plc Gas Development Study,Ntorya (5191K)
July 10 2017 - 1:00AM
UK Regulatory
TIDMSOLO
RNS Number : 5191K
Solo Oil Plc
10 July 2017
FOR IMMEDIATE RELEASE, Embargoed until 7 am 10 July 2017
SOLO OIL PLC
("Solo" or the "Company")
Appointment of io oil & gas consulting to
conduct a Gas Development Study, Ntorya, Tanzania
Solo is pleased to report the appointment of io oil & gas
consulting ("IO"), a Baker Hughes (a GE Company) and McDermott
joint venture, to prepare a gas commercialisation study to assist
with the development of the Ntorya field, part of the Company's
Ruvuma PSA acreage in Tanzania, operated by Aminex plc ("Aminex").
The study is designed to identify gas monetisation options
including potential early development facilities to supply gas to
local market and enable near term revenue generation.
The Ntorya-2 appraisal well was drilled earlier this year and
successfully tested in March 2017 at a stabilized rate of 17
million cubic feet per day ("mmscfd"). The well was suspended for
future production. Aminex estimates that the Ntorya appraisal area
contains gross Pmean GIIP of 466 billion cubic feet.
Gas from longer-term development of the field is expected to be
supplied to the Natural Gas Pipeline and in conjunction with this
Solo and Aminex are keen to implement solutions for early
monetisation of Ntorya gas prior to full field development. Aminex
and Solo may explore options to collaborate further in the future
with IO to further leverage Baker Hughes (a GE Company) and
McDermott expertise in developing gas infrastructure in
Tanzania.
Aminex, is in the process of applying for a 25-year development
licence and is working directly with the Tanzanian Government to
fast-track gas production for the benefit of the Solo/Aminex joint
venture and the Tanzanian national economy.
Solo holds a 25% interest in the Ruvuma PSA and in the Ntorya
gas-condensate discovery. Aminex holds the remaining 75% and is
operator for the joint venture.
Neil Ritson, Solo's Chairman commented:
"We at Solo are pleased that the Ruvuma PSA joint venture has
appointed IO, a company with very solid partners in GE and
McDermott, to carry out the detailed gas commercialization studies
at Ntorya and we look forward to the results in due course."
For further information:
Solo Oil plc
Neil Ritson / Dan Maling +44 (0) 20 3794 9230
Beaumont Cornish Limited
Nominated Adviser and
Joint Broker
Roland Cornish +44 (0) 20 7628 3396
Shore Capital
Joint Broker
Jerry Keen
Beaufort Securities
Joint Broker
Jon Belliss
Buchanan (PR) +44 (0) 20 7408 4090
Ben Romney / Chris +44 (0) 20 7382 8300
Judd / Henry Wilson +44 (0) 20 7466 5000
Glossary :
bcf billion cubic feet
---------- ----------------------------------
discovery a petroleum accumulation for
which one or several exploratory
wells have established through
testing, sampling and/or logging
the existence of a significant
quantity of potentially moveable
hydrocarbons
---------- ----------------------------------
GIIP gas initially in place
---------- ----------------------------------
mmscfd million standard cubic feet of
gas per day
---------- ----------------------------------
Pmean volume at the mean value of a
probability distribution
---------- ----------------------------------
PSA Petroleum Sharing Agreement
---------- ----------------------------------
This information is provided by RNS
The company news service from the London Stock Exchange
END
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