Solo Oil Plc amazonaws com
Solo Oil Plc
Kiliwani North Production RNS Number : 0683D Solo Oil Plc 04 July 2016
FOR IMMEDIATE RELEASE, 7 am 4 July 2016 SOLO OIL PLC ("Solo" or the "Company")
Kiliwani North well reaches 30 mmscfd in commissioning Solo Oil is pleased to announce that it has been advised by the operator Aminex plc ("Aminex") that over the weekend, gas produc on from the Kiliwani North‐1 well in Tanzania reached 30 million standard feet per day ("mmscfd") (approximately 5,000 barrels of oil equivalent per day) and may increase further over the next several days as part of the commissioning process. The commissioning process is expected to be concluded with the tes ng of the well to determine op mal rates which Aminex believes will be around 30 mmscfd based on previous well‐test data. Neil Ritson, Solo's Chairman, commented: "The commissioning at Kiliwani North is proceeding as expected, with produc on reaching 30 mmscfd at the last weekend. Commissioning of the well, pipeline and associated gas processing plant are all reported to be progressing sa sfactorily and TPDC has advised that the process will be concluded by the end of the month, a er which Aminex plan to test the well to determine op mal flow rates before long‐term produc on starts." Solo currently holds 7.175% of the Kiliwani North Development Licence and is set to increase its par cipa on to 10% as certain project milestones are achieved. Kiliwani North is the sole producer into the new Songo Songo Island Gas Processing plant and an cipates that a er well tes ng the plant will con nue to require in excess of 23 mmscfd to operate. The gas produced at Kiliwani North will be paid for under the terms of the Gas Sales Agreement signed with the buyer, Tanzania Petroleum Development Corpora on ("TPDC"). Solo will receive US$3.00 per mmbtu (approximately US$3.07 per mmscf). First payments are an cipated to be made in July 2016. Qualified Person's Statement: The informa on contained in this announcement has been reviewed and approved by Neil Ritson, Chairman and Director for Solo Oil Plc who has over 38 years of relevant experience in the energy sector. Mr. Ritson is a member of the Society of Petroleum Engineers, an Ac ve Member of the American Associa on of Petroleum Geologists
Engineers, an Ac ve Member of the American Associa on of Petroleum Geologists and is a Fellow of the Geological Society of London. For further informa on: Solo Oil plc Neil Ritson Fergus Jenkins Beaumont Cornish Limited Nominated Adviser and Joint Broker Roland Cornish Shore Capital Joint Broker Jerry Keen (Corporate Broker) Bell Po nger Public Rela ons Henry Lerwill Cassiopeia Services LLP Investor Rela ons Stefania Barbaglio
+44 (0) 20 3794 9230 +44 (0) 20 7628 3396 +44 (0) 20 7408 4090 +44 (0) 20 3772 2500 +44 (0) 79 4969 0338
Notes to Editors
Kiliwani North Development Licence (7.175%) The Kiliwani North Gas Field in central Tanzania has been independently es mated to contain 28 bcf gross con ngent resource and is producing dry clean gas under high natural pressure (1,600 psi) from the high quality Neocomian to late Cretaceous reservoir. The Kiliwani North‐1 well tested at 40 mmscfd. The gas will be sold at the well head in US$ at a fixed price and fed directly into the Tanzania's new pipeline infrastructure to Dar es Salaam. Solo holds the right, but not obliga on, to increase its share of the Kiliwani North Field to 10% as certain milestones on the project are reached. Glossary: bcf
billion standard cubic feet of gas
mmbtu
million Bri sh thermal units
mmscf
million standard cubic feet of gas
mmscfd million standard cubic feet of gas per day
psi
pounds per square inch
TPDC
Tanzania Petroleum Development Corpora on
US$
United States of America dollars
This information is provided by RNS The company news service from the London Stock Exchange END DRLMMGGNZFGGVZZ
Kiliwani North Production RNS Number : 0683D Solo Oil Plc 04 July 2016
FOR IMMEDIATE RELEASE, 7 am 4 July 2016 SOLO OIL PLC ("Solo" or the "Company")
Kiliwani North well reaches 30 mmscfd in commissioning Solo Oil is pleased to announce that it has been advised by the operator Aminex plc ("Aminex") that over the weekend, gas produc on from the Kiliwani North‐1 well in Tanzania reached 30 million standard feet per day ("mmscfd") (approximately 5,000 barrels of oil equivalent per day) and may increase further over the next several days as part of the commissioning process. The commissioning process is expected to be concluded with the tes ng of the well to determine op mal rates which Aminex believes will be around 30 mmscfd based on previous well‐test data. Neil Ritson, Solo's Chairman, commented: "The commissioning at Kiliwani North is proceeding as expected, with produc on reaching 30 mmscfd at the last weekend. Commissioning of the well, pipeline and associated gas processing plant are all reported to be progressing sa sfactorily and TPDC has advised that the process will be concluded by the end of the month, a er which Aminex plan to test the well to determine op mal flow rates before long‐term produc on starts." Solo currently holds 7.175% of the Kiliwani North Development Licence and is set to increase its par cipa on to 10% as certain project milestones are achieved. Kiliwani North is the sole producer into the new Songo Songo Island Gas Processing plant and an cipates that a er well tes ng the plant will con nue to require in excess of 23 mmscfd to operate. The gas produced at Kiliwani North will be paid for under the terms of the Gas Sales Agreement signed with the buyer, Tanzania Petroleum Development Corpora on ("TPDC"). Solo will receive US$3.00 per mmbtu (approximately US$3.07 per mmscf). First payments are an cipated to be made in July 2016. Qualified Person's Statement: The informa on contained in this announcement has been reviewed and approved by Neil Ritson, Chairman and Director for Solo Oil Plc who has over 38 years of relevant experience in the energy sector. Mr. Ritson is a member of the Society of Petroleum Engineers, an Ac ve Member of the American Associa on of Petroleum Geologists
Engineers, an Ac ve Member of the American Associa on of Petroleum Geologists and is a Fellow of the Geological Society of London. For further informa on: Solo Oil plc Neil Ritson Fergus Jenkins Beaumont Cornish Limited Nominated Adviser and Joint Broker Roland Cornish Shore Capital Joint Broker Jerry Keen (Corporate Broker) Bell Po nger Public Rela ons Henry Lerwill Cassiopeia Services LLP Investor Rela ons Stefania Barbaglio
+44 (0) 20 3794 9230 +44 (0) 20 7628 3396 +44 (0) 20 7408 4090 +44 (0) 20 3772 2500 +44 (0) 79 4969 0338
Notes to Editors
Kiliwani North Development Licence (7.175%) The Kiliwani North Gas Field in central Tanzania has been independently es mated to contain 28 bcf gross con ngent resource and is producing dry clean gas under high natural pressure (1,600 psi) from the high quality Neocomian to late Cretaceous reservoir. The Kiliwani North‐1 well tested at 40 mmscfd. The gas will be sold at the well head in US$ at a fixed price and fed directly into the Tanzania's new pipeline infrastructure to Dar es Salaam. Solo holds the right, but not obliga on, to increase its share of the Kiliwani North Field to 10% as certain milestones on the project are reached. Glossary: bcf
billion standard cubic feet of gas
mmbtu
million Bri sh thermal units
mmscf
million standard cubic feet of gas
mmscfd million standard cubic feet of gas per day
psi
pounds per square inch
TPDC
Tanzania Petroleum Development Corpora on
US$
United States of America dollars
This information is provided by RNS The company news service from the London Stock Exchange END DRLMMGGNZFGGVZZ
