Solo Oil Ups Stake in Tanzania Ruvuma Basin

- Solo Oil Ups Stake in Tanzania Ruvuma Basin

Thursday, September 08, 2011
Solo Oil plc

Solo Oil announced an update on its plans for the drilling of an exploration well, Ntorya-1, in the Mtwara Block of the Ruvuma Basin PSA in Tanzania with its partners Tullow Oil and Aminex.

Further to the announcement on June 7, 2011, plans for the Ntorya-1 well have now been finalized with the all major services tendered and the Caroil-6 rig mobilization agreed to follow the current Aminex well Nyuni-2. The well will most likely be spudded in early November and is programmed to take 25 days to drill to a planned TD of 2026 meters.

Solo also announce that it has increased its stake in the Ruvuma Basin PSA from 12.5% to 18.75% in an agreement with Tullow in which Solo will assume the future obligations on the additional interest. Both Solo and Aminex have acquired additional interests in the PSA and Aminex will take over as operator from Tullow with immediate effect. Tullow will retain a 25% interest and will continue to support the joint venture with regional expertise and logistics.

The assignment is subject to final Tanzanian Government approval, which is expected to be granted shortly.

Solo Executive Director Neil Ritson commented, "The Ntorya-1 well, which is a follow up to the Likonde-1 well drilled in 2010, is an important further test of the largely unexplored onshore Ruvuma Basin. Both Solo and Aminex have a strong focus on Tanzania and by gaining a greater participation in the PSA will jointly be able to advance the work program more quickly. The long term potential is significant and we are very keen to continue the work started at Likonde as soon as possible."

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Aminex Updates Ops at Ruvuma Basin

- Aminex Updates Ops at Ruvuma Basin

Tuesday, June 07, 2011
Aminex plc

Aminex announced plans for drilling a further exploration well in the Ruvuma Basin Production Sharing Agreement area of Tanzania. The well is designated Ntorya-1 and will be drilled in the Mtwara Block, in the southern part of the Ruvuma PSA.

Partners in the well are Tullow Oil (operator-50%), Aminex (37.5%) and Solo Oil (12.5%).

In 2010 the joint venture drilled the Likonde-1 well in the Lindi Block which forms the northern part of the Ruvuma PSA. Likonde-1 reached a total depth of 3,647 meters and intersected two sandstone intervals with a combined thickness of over 250 meters (820 feet), containing evidence of residual oil and gas. Likonde-1 was terminated due to high gas influx.

Ntorya-1 well will be drilled about 14 kilometers to the south of Likonde-1, to a planned total depth of 2020 meters, targeting the same high quality Lower Tertiary reservoir sands encountered in the Likonde-1 well. Seismic interpretation places the sands at Ntorya-1 structurally up-dip relative to Likonde-1. Aminex estimates that the well has a probability of success for the discovery of hydrocarbons of approximately 20%, with a mean recoverable resource potential of 100 million barrels oil equivalent.

The Tanzanian authorities have now formally approved the drilling of Nyorya-1 and a rig has been secured. Spud date is likely to be September-October this year.

Aminex chairman Brian Hall commented, "The Ruvuma basin is a significant frontier exploration area which has witnessed important discoveries offshore in the last two years, in neighboring Mozambique and most recently with BG's discovery in a deep water license directly adjoining the Ruvuma PSA. The Ruvuma PSA covers a large, mainly onshore area which has only been lightly explored to date and we welcome the approval of the Tanzanian authorities to the Ntorya-1 location which will enable an exciting drilling program to continue."

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