Solo Oil leaps on latest discoveries

Date: Monday 02 Jul 2012

Solo Oil has reported that following the first independent evaluation of the hydrocarbon potential of the Ruvuma PSA, the total mean unrisked gas-initially-in-place at Ntorya is 1.17trn cubic feet, of which 178bn cubic feet (bcf) is discovered.

This, the firm said, highlights the "outstanding potential" of this under-explored onshore and near-shore portion of the Ruvuma Basin, a basin which has recently been highly successful in the deepwater offshore in both Tanzania and Mozambique.

In addition, there is a potentially large lead up-dip at the site, which is estimated to be around 2.62trn cubic feet.

The firm is now “actively seeking an additional partner to participate in the next phase of exploration and development".

The share price rose 10.31% to 0.54p tp 15:12.

NR

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