Solo Oil has been informed by the operator that the interpretation of the newly acquired seismic data has extended the potential of the Ntorya appraisal area, and has further upgraded the mean gas in place resource estimate to 2.3 tcf, by joining the Ntorya discovery with the adjacent Likonde prospect in the Ruvuma Petroleum Sharing Contract (PSC) in onshore southern Tanzania.

Neil Ritson, Solo Executive Director, commented,"Ongoing work by the operator is revealing significant additional upside in the Ruvuma PSC and the new seismic data has been able to shed light on the significance of the shows that were seen at Likonde-1 and how those relate to the discovery made at Ntorya-1. This all supports our belief that the Ruvuma will rapidly evolve as a gas, and perhaps oil, development area in the next few years, supported by the access to a ready market in Dar es Salaam to which the area is now connected by a pipeline."

Tags: Solo Oil