Solo Oil Plc Helium One Update (5420C)
October 20 2020 - 1:00AM
UK Regulatory
TIDMSOLO
RNS Number : 5420C
Solo Oil Plc
20 October 2020
20 October 2020
Solo Oil plc
("Solo Oil")
Helium One Update
Solo Oil (AIM: SOLO), shortly to be renamed Scirocco Energy, the
AIM investing Company targeting attractive production and
development opportunities within the European energy market, is
pleased to provide an update on activities at Helium One Global
Limited (He1), of which its holds 12.0 percent.
Helium One has received renewal offer letters for 12 of the 16
prospective licenses initially requested from the Tanzanian
Authorities, with a further four awaiting a decision. In total,
including the 12 renewals received, four pending and other active
licenses, Helium One holds 4,512km(2) of prospective licenses, with
a further eight under application.
Following a study by the Independent consultant SRK Consulting
Ltd ("SRK"), completed in October 2019, the resource at Rukwa has
been estimated at an un-risked Prospective Helium P50 Resource of
138 billion cubic feet ("bcf") (Best Estimate), with outcomes
ranging from 30 Bcf (1U) to 521 Bcf (3U). The study further notes a
2U Risked Prospective Resource of 14.0 Bcf. The prospective
resource has been identified within 21 discrete prospects, with
closures mapped at multiple stratigraphic levels.
This resource estimate, alongside the received license renewals,
provides runway for Helium One to further explore and de-risk its
prospect inventory through a drilling programme. The Company also
continues to actively assess a listing on an international stock
exchange in order to access capital to fund future activity.
Tom Reynolds, CEO at Solo Oil, comments: "Solo continues to
maintain close dialogue with the Helium One team and are pleased to
note the progress being made on multiple fronts, all of which bodes
well for our legacy investment in this exciting opportunity. In
particular, the license renewals point to progress above surface,
and the initial resource estimates emphasise the potential scale of
the sub-surface opportunity.
As the supply / demand imbalance for this important element
continue to increase globally, Helium One remains well placed to
generate a significant long-term return on our investment."
For further information:
Solo Oil plc
Tom Reynolds, CEO +44 (0) 20 7466
Doug Rycroft, COO 5000
Strand Hanson Limited, Nominated Adviser
& Broker +44 (0) 20 7409
James Spinney / Ritchie Balmer / Rory Murphy 3494
Buchanan, Financial PR +44 (0) 20 7466
Ben Romney / Kelsey Traynor / James Husband 5000
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