Solo Oil: Ntorya-2 Rig Mobilization Underway, Spud Expected December

Solo Oil plc announced Tuesday that site preparations for the Ntorya-2 appraisal well in Tanzania have now been completed and that the mobilization of the Caroil#2 rig from the Ntorya-1 wellsite is now underway.

The Ntorya-2 pad is located approximately one mile southwest of the Ntorya-1 well. The rig and associated equipment will be transported to the new site, rigged up and tested, and then undergo any maintenance required before commencing drilling activity.

The majority of other well services have also now been contracted. Solo therefore estimates that the Ntorya-2 appraisal well is likely to spud in December 2016.

Solo holds a 25% interest in the Ruvuma Petroleum Sharing Agreement, which contains the Ntorya gas condensate discovery made in 2012 with the Ntorya-1 well, which was tested at a rate of 20.1 million feet per day of gas and 139 barrels per day of condensate.

The Ntorya-1 well has been credited in an independent report by Senergy (GB) Limited with gross 153 billion cubic feet of gas in place, of which 70 billion cubic feet are considered gross best estimate contingent resources.  A further gross best estimate of undiscovered gas in place of over 1 trillion cubic feet is attributed to the Ntorya Prospect as a whole and is the target of the Ntorya-2 well.

"Advancing the Ntorya appraisal and its commercialization is now a key objective for Solo and we are pleased that rig mobilization is now underway.  The discovery of gas in high quality Cretaceous sandstone reservoirs in the onshore portion of the Ruvuma Basin represents very significant value and we look forward to confirmation of the spud date in due course,” said Solo Chairman Neil Ritson.