Solo Oil PLC (LON:SOLO) will focus on monetising its Ntorya
gas prospect in Tanzania in the coming year, according to executive chairman
Neil Ritson.
Speaking to Proactive Investors, he said this may also mean
the Ntorya-3 appraisal well is delayed in favour of acquiring another batch of
3D seismic over the licence.
Ntorya-3 may not be in the best place
We would like to drill it, he said, but Ntorya-3 may not be
the best place.
So we’d rather go down the 3D seismic acquisition route and
know exactly where the next well should be drilled
“Everything looks good”.
The reservoir was 50m or twice as thick as the first well
and In place, there is half a TCF (trillion cubic feet) of proven gas volume
and it is clearly commercial.
But the focus is Ruvuma, where he said a read through from a
broker note on partner Aminex plc (LON:AEX) pointed to a value for Solo of
US$100mln who currently have a 25% share
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