Solo Oil (LSE:SOLO) announced the results of the recently completed competent persons report, which showed a significant resource upgrade of the Ntorya gas discovery in the Ruvuma petroleum sharing agreement where Solo holds a 25 percent working interest.

Highlights are as follows:

Ntorya 2C contingent resource estimate increased to gross 763 billion cubic feet (“bcf”), an increase of over 10-fold from the 2015 CPR;

Ntorya Pmean gross gas initially in place (“GIIP”) upgraded to 1.87 trillion cubic feet (“tcf”), which is an increase of 44% on previous management estimate of 1.34 tcf and an increase of approximately 12-fold from the previous CPR (pre-drilling of Ntorya-2) in 2015;

 io consulting has confirmed that the Ntorya gas development project could be sanctioned with three wells producing into a raw-gas pipeline to the Madimba gas plant approximately 33 kilometres away.

Neil Ritson, executive chairman, commented:

A further significant and material resource upgrade made independently by RPS supports the Company’s view that Ntorya is a major gas field within the regional market, thereby underpinning our development plans.  The independent verification of our net interest equivalent to over 30 mmboe underlines the significant value of Ntorya within our portfolio.  When taken with the results of the io consulting commercial feasibility study, we are now confident that Ntorya can be economically produced with limited further major capital expenditure.   This gives us line of sight to additional revenues and strengthens our ability to monetise our interest at the appropriate time.  We now look forward to the confirmation that a rig has been secured for the drilling of appraisal well Ntorya-3, and to continued progress on the award of a 25-year development licence for the field.

Click here to read the full Solo Oil (LSE:SOLO) press release.

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