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Solo Oil PLC

Solo Oil boosted by Kiliwani North fix

The work aims to bring Kiliwani North back into production and gather additional data

oil and gas operations
Solo holds 8.39% of the asset

Solo Oil PLC (LON:SOLO) told investors it is looking forward to further updates from Tanzanian partner Aminex plc (LON:AEX) after the Kiliwani North project operator this morning confirmed the successful completion of remedial work for the production well.

The company, in a statement, revealed that the work had now addressed the previously reported problem with the Kiliwani North well’s sub-surface safety valve.

It has also now gathered associated pressure and fluid data.

READ: Aminex and Solo Oil increase Kiliwani North interests

“During this process, gas was observed at the surface. The well is undergoing further testing and analysis,” Aminex added, in its stock market statement.

Back in August, Aminex detailed its operational plan for the Kiliwani North work programme which was accordingly scheduled for the fourth quarter. It was designed to tackle rising pressure in the well and to evaluate operational parameters of both the reservoir and gas processing facility.

It was also intended that the company would take the opportunity to perforate a deeper and previously untested, potentially gas-bearing section.

The company expected that Kiliwani North would be returned into production, once the work programme had concluded.

Aminex is the Kiliwani North project operator, it holds a 63.83% stake in the asset. Solo meanwhile retains an 8.39% of the asset.

Also in August, Aminex told investors that it has identified prospective areas within the Kiliwani North and Nyuni Area concessions which will be the subject of new seismic data acquisition, with plans to acquire some 275 kilometres of 3D seismic.

The aim is to identify undrained compartments of the Kiliwani North structure and to high-grade the Kiliwani South prospect to ‘drill-ready’ status.

Kiliwani South has previously been estimated to host a possible 57bn cubic feet of in-place gas.

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Price: £0.01

Market: AIM
Market Cap: £8.69 m
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