Solo Oil Plc - Tanzania Operations Update
Tanzania Operations Update
"The reprocessing of the select 2D seismic lines over the Kiliwani North Development Licence acreage is complete with minor re-iterations requested from the processor. Data from the reprocessing will benefit the design of a 3D seismic survey and remapping of the licence, using the reprocessed lines, will occur once we have received the final data. The Company continues to source equipment to perform the re-entry and remedial work on Kiliwani North-1. The re-entry, which has been designed to be carried out at minimal costs, is of value to investigate fluid levels in the well and provide an accurate bottom hole pressure measurement which will provide useful reservoir data for future operations and production and equipment is being ordered."
Aminex also provided an update regarding the
"Further to the Company's announcement on
Commenting on the update, Solo's Executive Chairman
"We are wholly supportive of the Operator's proposed work programme that aims to move the JV closer to re-establishing production from the field, whilst also gaining important reservoir data that can be used for future field development. The Company believes there is good upside potential to be realised from this asset and we look forward to reviewing the final data alongside the Operator. Solo's growth strategy is predicated on establishing sustainable cash flow and we therefore look forward to seeing production from Kiliwani North-1 back on line in due course.
"We also remain committed to realising the value of our interest in Ruvuma, but the current situation continues to reaffirm that the Board have taken the right strategic decision to diversify the business in terms of geography and asset type, and take greater control over our future."
The information contained within this announcement is deemed by the Company to constitute inside information as stipulated under the Market Abuse Regulations (EU) No. 596/2014 ("MAR").
For further information:
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This information is provided by RNS, the news service of the
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