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Solo Oil Reports Progress with Ruvuma PSA Farmout

Source: 1/9/2013, Location: Africa

Solo announces that interest in the farmout of its Ruvuma PSA in Tanzania has been significant and a call for bids is still expected to be made in February. The farmout is being managed on Solo's behalf by joint venture partner, and PSA operator, Aminex plc, with advisors from FirstEnergy Capital LLP. Further to the announcements made on the 8th October and the 22nd November the Company now confirms that there has been substantial interest in the farmout from companies including both multi-nationals and NOCs.

The Ruvuma PSA covers 6,079 square kilometres on the Tanzanian border with Mozambique where over 100 trillion cubic feet of gas has been discovered in recent years. Solo and Aminex discovered gas at the Ntorya-1 well in 2012 which was tested at over 20 million cubic feet per day of gas and 139 barrels of condensate (53 degree API gravity) on a 1" choke.

It is anticipated that gas from Ntorya and the Ruvuma PSA generally will be commercialised via the planned 36" diameter pipeline, which will run through the PSA area to Dar es Salaam, which is the largest gas market in Tanzania.

Potential farminees are being asked to fund a disproportionate share of the planned forward work program of seismic and two exploration wells and paying a pro-rata share of past expenditures. Initial proposals are anticipated be requested from bidders on or soon after the 8th February 2013. Participants in the Ruvuma PSA are; Ndovu Resources Ltd (Aminex) 75% (operator) and Solo Oil Plc 25%.

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Related Categories: Accounting, Statistics  Acquisitions and Divestitures  Asset Portfolio Management  Economics/Financial Analysis  General  Industrial Development  Insurance  Investment  Mergers and Acquisitions  Risk Management 

Related Articles: Accounting, Statistics  Acquisitions and Divestitures  Asset Portfolio Management  Economics/Financial Analysis  General  Insurance  Investment  Mergers and Acquisitions  Risk Management 

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