By Andrew Schonberg
Date: Wednesday 08 Mar 2017
LONDON (ShareCast) - (ShareCast News) - Shares in Solo Oil and Aminex are down heavily after they said the Ntorya-2 appraisal well, onshore Tanzania, has been successfully flow tested and is being suspended for future gas production.
"The well exceeded our pre-drill expectations for both reservoir extent and pressure," said Solo chair Neil Ritson.
"Ntorya-2, when taken together with the Ntorya-1 discovery well and the mapped seismic features, clearly indicates a gas volume of significant commercial interest," he added.
Flow rates were restricted for technical reasons. However, these fully met the requirements for a declaration of commerciality and application for a development licence.
Ritson added that a forward work programme, including perhaps acquiring 3D seismic data and drilling further appraisal/development wells, would hopefully lead to a gas development of national significance.
"This is a highly significant well result for Solo, our partner Aminex and to the United Republic of Tanzania," said Ritson.
The Ntorya-2 well is at the onshore Ruvuma Basin, southern Tanzania, on the Mtwara Licence (Solo 25%, Aminex 75% and operator).
At 10:31 GMT, shares in AIM-quoted Solo were down 15.82% to 0.66p each. Those in Aminex were donw 12.64% to 5.88p each.
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Currency | UK Pounds |
Share Price | 0.35p |
Change Today | 0.021p |
% Change | 6.46 % |
52 Week High | 0.58 |
52 Week Low | 0.23 |
Volume | 7,833,920 |
Shares Issued | 900.50m |
Market Cap | £3.12m |
RiskGrade | 514 |
Value |
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Price Trend |
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Income |
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Growth |
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No dividends found |
Time | Volume / Share Price |
16:19 | 3,250,000 @ 0.30p |
16:17 | 2,750,000 @ 0.30p |
16:35 | 80 @ 0.35p |
16:35 | 80 @ 0.35p |
16:07 | 37,299 @ 0.30p |
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