Solo Oil reports encouraging results from Likonde-1 wildcat well, drilled by Tullow and Aminex JV

Solo Oil’s (AIM: SOLO) exploration partner in Tanzania, Tullow Oil (LSE: TLW), has drilled the Likonde-1 wildcat well to a total depth of 3,647m and the well encountered thick sands with hydrocarbon shows. Likonde-1 intersected two sandstone intervals of over 250m combined thickness with evidence of residual oil and gas.

"Likonde-1 is an encouraging well with follow-up exploration potential”, Tullow's exploration director Angus McCoss commented. “The valuable technical insights gained are now being incorporated into our regional geological model to further evaluate this promising basin in Southern Tanzania."

Tullow said that drilling had to be terminated in the deepest objectives due to high gas influx, the well has subsequently been plugged and abandoned.

Likonde-1 is the first of a two-well programme within the prospective Ruvuma delta region. Solo said that the encouraging results will be followed up with detailed technical work prior to selecting the next drilling location. Likonde-1 is located in the Lindi Block in the Ruvuma Basin of Southern Tanzania.

"The completion of Likonde-1 and the results obtained from the company's first wildcat well in Africa represents a major step forward in establishing the potential of the Ruvuma Basin”, Solo chairman David Lenigas stated.

With a 50% stake in the Lindi and Mtwara blocks, Tullow Oil is acting as the project’s operator. Currently Aminex (LSE: AEX) has the other 50% interest, whilst Solo Oil is farming into a 12.5% interest from Aminex. “Solo has the option of becoming a full joint venture partner with 12.5% of the entire 12,360 sq kilometre Ruvuma Licences by committing to the second well", Lenigas added.

http://www.proactiveinvestors.co.uk/companies/news/15128/solo-oil-reports-encouraging-results-from-likonde-1-wildcat-well-drilled-by-tullow-and-aminex-jv-15128.html