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Solo Oil welcomes Tanzania project update from Aminex

Aminex is presently working to secure a new drilling rig contract which would enable Ntorya-3 and additional exploration and development operations at Ntorya

oil and gas operations
A spud date will be announced once a rig contract has been secured by Aminex+

Solo Oil PLC (LON:SOLO) executive chairman Neil Ritson described himself as happy with the planning for the further development of the group’s 25% owned Ntorya gas project, onshore Tanzania.

Aminex, project operator and 75% owner of Ntorya, this morning told investors that it is “actively engaged” with the Tanzanian authorities and with third-party engineering firms, in the advanced stages of planning for the Ntorya-3 well.

READ: Solo Oil highlights ‘technical progress’ for Helium One in Tanzania

It is presently working to secure a new drilling rig contract which would enable Ntorya-3 and additional exploration and development operations at Ntorya, and potentially other assets in Tanzania.

Previous evaluation saw potential for more than 1.3 trillion cubic feet of gas in the Ruvuma production sharing contract, which host Ntorya, so there’s plenty of possibilities for new projects and operations.

The company expects to announce a spud date for Ntorya-3 once a rig contract is in place.

Kiliwani North enhancement and new gas production opportunities

Additionally, the company updated investors on the Kiliwani gas production operation where, from a single well, it unearthed some 3,600 million cubic feet of gas through 2017. Production measured 95mln cubic feet in the month of December, without interventions, and the daily rate at the end of the year was 9mln cubic feet per day.

Aminex said it is now reprocessing its existing seismic data in order to identify new locations for drilling that could supplement the production from the Kiliwani North 1 well. It is targeting locations where new production can be brought online relatively quickly.

READ: Solo Oil unveils US$5mln convertible debt funding

Separately, the company also highlighted that desktop work continues to advance for the Tanzania portfolio, with an independent report said to be due for ‘early 2018’.

“The new report will supersede and update all previous reports on the company's concessions in Tanzania, based on newly acquired data and the ongoing reinterpretation of technical data across all assets,” Aminex said in Monday’s statement.

Aminex added that ‘positive discussions’ continue with the Tanzanian authorities to progress the outstanding Ntorya Development Licence application, and it expects to update shareholders as significant milestones are achieved.

Solo 'happy' with progress

Solo boss Ritson, in Solo Oil’s separate statement, said: "We are happy to see that planning for further development at Ntorya is progressing and that suitable drilling equipment is being sought for the drilling of the Ntorya-3 well. 

“Production at Kiliwani North has continued, and will be enhanced with compression in due course, which is an encouraging development.

“The new CPR is a key step in realising value at Ntorya and we look forward to its conclusion, which we understand remains reasonably on track and is expected to be completed in the next month."

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Price: 2.425 GBX

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