StockMarketWire.com - Solo Oil reports the appointment of io oil & gas consulting (IO), a Baker Hughes and McDermott joint venture, to prepare a gas commercialisation study to assist with the development of the Ntorya field, part of the company's Ruvuma PSA acreage in Tanzania, operated by Aminex.

The study was designed to identify gas monetisation options including potential early development facilities to supply gas to local market and enable near term revenue generation.

The Ntorya-2 appraisal well was drilled earlier this year and successfully tested in March 2017 at a stabilized rate of 17 million cubic feet per day (mmscfd).

The well was suspended for future production. Aminex estimates that the Ntorya appraisal area contains gross Pmean GIIP of 466 bn cu ft.

Gas from longer-term development of the field is expected to be supplied to the Natural Gas Pipeline and in conjunction with this Solo and Aminex are keen to implement solutions for early monetisation of Ntorya gas prior to full field development.

Aminex and Solo may explore options to collaborate further in the future with IO to further leverage Baker Hughes (a GE Company) and McDermott expertise in developing gas infrastructure in Tanzania. Aminex, is in the process of applying for a 25-year development licence and is working directly with the Tanzanian Government to fast-track gas production for the benefit of the Solo/Aminex joint venture and the Tanzanian national economy.

Solo holds a 25% interest in the Ruvuma PSA and in the Ntorya gas-condensate discovery. Aminex holds the remaining 75% and is operator for the joint venture.


At 9:39am:

[LON:AEX] Aminex PLC share price was +0.03p at 2.9p

[LON:SOLO] Solo Oil PLC share price was -0.01p at 0.26p



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