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Solo Oil ‘pleased’ with start to Kiliwani North work programme

It will repair a valve and test a deeper section of the well. Meanwhile, new seismic is also being planned

oil and gas operations
Solo Oil owns 7.55% of the project

Solo Oil PLC (LON:SOLO) said it is ‘pleased’ with today’s Tanzania update by partner Aminex plc (LON:AEX).

Aminex told investors that it has kicked off remediation work for the Kiliwani North well.

The work, to tackle rising pressure in the well, will initially see the company repair a faulty valve which will allow gas to flow and will also enable the evaluation of operational parameters of both the reservoir and gas processing facility.

The programme is expected to complete in the fourth quarter and, thereafter, it is expected that the well will be returned to full-time production.

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The firm also intends to take the opportunity to perforate a deeper and previously untested, potentially gas-bearing section. The work programme is expected to complete in the fourth quarter and, thereafter, it is expected that the well will be returned to full-time production.

Additionally, Aminex told investors that it has identified prospective areas within the Kiliwani North and Nyuni Area concessions which will be the subject of new seismic data acquisition, with plans to acquire some 275 kilometres of 3D seismic.

The aim is to identify undrained compartments of the Kiliwani North structure and to high-grade the Kiliwani South prospect to ‘drill-ready’ status.

"The company believes that, given the significant production surrounding Songo Songo Island and the geological properties identified in Kiliwani North, there remain significant opportunities to pursue additional development of the Kiliwani North Development Licence as the commercial terms are already in place,"  said Jay Bhattacherjee, Aminex chief executive.

Kiliwani South has previously been estimated to host a possible 57bn cubic feet of in-place gas.

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Price: 2.425 GBX

AIM:SOLO
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Market Cap: £15.32 m
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