Solo Oil plc announced a further update on drilling at the Ntorya-1 discovery well in the Ruvuma Basin onshore in southern Tanzania.
On the February 27, 2012, Solo and Aminex reported that a gas discovery had been made in a 25 meter gross Cretaceous sand interval between 8,727 feet (2,660 meters) and 8,809 feet (2,685 meters) where a 10 feet (3 meter) net gas bearing pay zone in sandstones having 20 percent porosity at the top and a 16.5 meter thick lower sandstone interval with further possible gas pay had been logged.
A 7 inch liner has now been successfully run from the 9 5/8 inch casing at 5,036 feet (1,535 meters) to total depth of 9,022 feet (2,750 meters) and cemented in place. Drilling is now proceeding at 9,334 feet (2,845 meters) to investigate a prominent seismic event at approximately 9,843 feet (3,000 meters). Oil shows were previously logged in the Likonde-1 well, drilled in 2010, and exploring this deeper target offers the possibility of finding liquid hydrocarbons.
Once the well has been deepened the Caroil-6 rig will be demobilized and the well will then be flow tested once suitable testing equipment can be mobilized to the well site.
As previously announced, Tullow Oil ("Tullow") elected not to participate in the Ntorya-1 well below 8,202 feet (2,500 meters). A Deed of Assignment ("Deed") has now been executed amongst Aminex, Solo and Tullow, whereby Tullow's equity in the entire Petroleum Sharing Agreement ("PSA") will be transferred pro-rata to Aminex and Solo. This Deed has now been approved by the Tanzanian Government and Aminex and Solo have committed to the first extension period of the Ruvuma PSA with an active program of seismic acquisition planned for later in 2012.
Participants in the discovery and the Ruvuma PSA are now:
With Aminex and Solo having increased their respective interests in the Lindi and Mtwara Licenses, the parties have agreed to jointly seek expressions of interest from global exploration companies to participate in the Ruvuma PSA acreage, including the 261 square miles (676 square kilometer) offshore portion adjacent to Block 1, owned by BG and Ophir. The Block 1 partners recently announced the discovery of 4.5 TCF gas at their Jodari-1 well approximately 17 miles (27 kilometers) from the Ruvuma PSA.
Neil Ritson, Solo Executive Director, commented, "The discovery zone in the well is now successfully secured and we are keen to test the deeper levels before flow testing the discovery. Solo is also delighted to have increased our interest in the PSA at this exciting time and when the Ruvuma Basin in both Tanzania and Mozambique is seeing unprecedented levels of activity and discovery."
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