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Solo Oil Plc

Solo Oil Plc Operational Update, Tanzania

Solo Oil plc (LON:SOLO) today notes the announcement made by Aminex plc relating to operations in Tanzania and as set out below.

The Company holds a 25% beneficial interest in the Ruvuma PSA and 7.55% interest in Kiliwani North-1.

Alastair Ferguson, Solo Oil Plc Chairman, commented: “We are pleased to see operational progress being made by Aminex in operations in Tanzania. The rig tendering process is an important step towards the planning and execution of Chikumbi-1, a well designed to further unlock the potential resources in the Ruvuma PSA. We look forward to further updates from Aminex on Kiliwani North-1 as the well stimulation works continue.”

Aminex plc Operational Update

Ruvuma PSA

The tendering process for a rig to drill Chikumbi-1 (CH-1) is now complete and the Company has received numerous bids. These bids are being evaluated on their technical and commercial merits. CH-1 is located updip from both the Ntorya-1 discovery well, which tested at rates of up to 20 MMcf/d with 139 bbls of condensate, and from the Ntorya-2 well which tested at a stabilised rate of approximately 17 MMcf/d. The well is expected to delineate the Ntorya gas field in a significantly thicker section of the Cretaceous reservoir system and is also being planned to evaluate a potential deeper exploration target in the Jurassic formation. If successful, CH-1 is expected to be produced into the existing Madimba Gas Processing Plant and ultimately integrated into a full field development programme.

Kiliwani North-1

Pressure at the Kiliwani North-1 well has sufficiently built up and the Company continues to work with all parties to stimulate the reservoir as soon as possible.

Jay Bhattacherjee, Chief Executive Officer of Aminex plc said: “The Company continues to progress the completion of the proposed farm out transaction while driving forward operations over its key assets at Ruvuma and Kiliwani North.”

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