Solo Oil Plc Submission of Ntorya Development Plan (8997P)
September 06 2017 - 1:00AM
UK Regulatory
TIDMSOLO
RNS Number : 8997P
Solo Oil Plc
06 September 2017
FOR IMMEDIATE RELEASE; Embargoed until 7 am
6 September 2017
SOLO OIL PLC
("Solo" or the "Company")
Submission of Ntorya Development Plan
Solo is pleased to announce that the Development Plan for the
Ntorya gas condensate field, located onshore in the Ruvuma Basin
Tanzania has been submitted to the Tanzania Petroleum Development
Corporation ("TPDC") for approval. The Development Plan is a key
step towards monetisation of the Ntorya field which lies within the
Ruvuma Basin Petroleum Sharing Agreement ("Ruvuma PSA") where Solo
holds a 25% working interest.
The Development Plan, which incorporates the findings from the
Gas Commercialisation Study conducted by io oil and gas consulting
(a joint venture between a Baker Hughes (a GE Company) and
McDermott ), is a comprehensive review of the existing data and
includes the findings of new mapping and the recently upgraded
resource estimates of approximately 1.3 trillion cubic feet ("tcf")
Pmean gas initially in place ("GIIP").
The Development Plan considers several options for gas
monetisation including; Compressed Natural Gas, Gas to Power and
directly connecting the gas produced from Ntorya to the Madimba
Plant in South Eastern Tanzania via a pipeline approximately 35
kilometre in length. Aminex plc ("Aminex"), the operator, has
applied for a staged development of the field to allow for an early
production scheme with the existing wells and an additional
programme of further development wells based on demand.
As part of the development of the Ntorya field and in order to
further delineate the reservoir and meet the expanding gas market
in Tanzania, Aminex and Solo will review the timing for spudding
the Ntorya-3 well and will update the market during Q4 2017.
Neil Ritson, Executive Chairman of Solo, commented:
"Submission of the Ntorya Development Plan is a major milestone
as we progress towards unlocking major value in the field and in
the Ruvuma PSA generally. Solo is working closely with Aminex on
the development and monetisation options and also continues to
consider its own monetisation options, which have been greatly
enhanced by the significant resources upgrade announced earlier
this week and the filing of the development plan. We will continue
to update the market as progress on commercialisation
proceeds."
For further information:
Solo Oil plc
Neil Ritson / Fergus
Jenkins +44 (0) 20 7440 0642
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
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 39 years of relevant experience in geology,
resource estimation and the oil and gas 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).
Glossary:
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
----------- -----------------------------------------
condensate gas condensates are liquids that
can condense from gas when the
temperature and pressure drop
sufficiently low, typically condensates
exhibit API gravities of > 45
degree
----------- -----------------------------------------
GIIP gas initially in-place
----------- -----------------------------------------
in-place the volume of hydrocarbons, oil
or gas, estimated to be in place
within the reservoir converted
to standard temperature and pressure
----------- -----------------------------------------
Pmean the most likely estimate of a
parameter based on all available
data being the estimate at the
mean of the probability distribution
----------- -----------------------------------------
PSA petroleum sharing agreement
----------- -----------------------------------------
resources those quantities of petroleum
which are estimated, at a given
date, to be present in a discovered
accumulation
----------- -----------------------------------------
tcf trillion cubic feet
----------- -----------------------------------------
TPDC Tanzania Petroleum Development
Corporation
----------- -----------------------------------------
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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