AEX & SOLO – Tendering process for a rig to drill Chikumbi-1 (CH-1) is now complete

Solo Oil plc (LSE AIM: SOLO) is pleased to note the announcement made today by Aminex plc (“Aminex”) relating to operations in Tanzania and as set out in Appendix 1 below.

The Company holds a 25% beneficial interest in the Ruvuma PSA and 7.55% interest in Kiliwani North-1.

Alastair Ferguson, Solo’s Chairman, commented:

“We are pleased to see operational progress being made by Aminex in operations in Tanzania. The rig tendering process is an important step towards the planning and execution of Chikumbi-1, a well designed to further unlock the potential resources in the Ruvuma PSA. We look forward to further updates from Aminex on Kiliwani North-1 as the well stimulation works continue.”

 

Appendix 1

Aminex is pleased to provide the following update on its operations in Tanzania.

Ruvuma PSA

The tendering process for a rig to drill Chikumbi-1 (CH-1) is now complete and the Company has received numerous bids. These bids are being evaluated on their technical and commercial merits.  CH-1 is located updip from both the Ntorya-1 discovery well, which tested at rates of up to 20 MMcf/d with 139 bbls of condensate, and from the Ntorya-2 well which tested at a stabilised rate of approximately 17 MMcf/d.   The well is expected to delineate the Ntorya gas field in a significantly thicker section of the Cretaceous reservoir system and is also being planned to evaluate a potential deeper exploration target in the Jurassic formation.  If successful, CH-1 is expected to be produced into the existing Madimba Gas Processing Plant and ultimately integrated into a full field development programme.

Kiliwani North-1

Pressure at the Kiliwani North-1 well has sufficiently built up and the Company continues to work with all parties to stimulate the production as soon as possible. 

Jay Bhattacherjee, Chief Executive Officer of Aminex said:

“The Company continues to progress the completion of the proposed farm out transaction while driving forward operations over its key assets at Ruvuma and Kiliwani North.”

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