Solo Oil Plc (LON:SOLO) today announced an update on operations in Tanzania provided by Aminex plc (“Aminex”) who operate the Ruvuma Petroleum Sharing Agreement (“Ruvuma PSA”).
· The planned 2018 well in the Ruvuma PSA, formerly designated as Ntorya-3, has now been renamed Chikumbi-1 at the request of the Tanzanian Government. The well is targeting the same reservoir tested in Ntorya-1 and in Ntorya-2 in an up-dip position and will additionally test a deeper exploration target. The proposed total depth is approximately 3,400 metres.
· The tendering process for a rig to drill Chikumbi-1 is due to close during the current quarter with an expected spud date later in the year, although exact timing of which will be dependent on rig availability.
· The National Environment Management Council (NEMC) of Tanzania has approved the Environmental Impact Assessment (EIA) for the acquisition of further 2D and 3D seismic data over the Ruvuma PSA acreage, focusing on the Ntorya discovery area.
Aminex also notes that they continue to be in discussions concerning a farm-out transaction of their interest in Ruvuma PSA, including the Ntorya appraisal area, with an affiliate of the Zubair Corporation, as announced by Aminex on 21 March 2018.
Solo holds a 25% interest in the Ruvuma PSA with the remaining 75% held by Aminex.
Neil Ritson, Solo Oil Plc Chairman, commented: “We are pleased that plans to drill at Ntorya continue to advance and that a second target below the Ntorya discovery can additionally be tested with the planned well. Solo continues to make its own plans, in parallel with Aminex, to fund the eventual development of Ntorya, which we anticipate will follow the Chikumbi-1 well. The receipt of a 25-year development licence for the Ntorya discovery remains a key step in our plans to monetise the discovery and we look forward to further news on that in due course.”
