Solo Oil says that the conditions for completion of its farm-in with Aminex PLC(Aminex) for a 12.5% interest in the Likonde-1 well on Aminex's Ruvuma Basin PSA in southern Tanzania have now been met and the farm-in is therefore formally confirmed.

Likonde-1, in which the partners are Tullow Oil PLC (50% - operator), Aminex (37.5%) and Solo (12.5%) is likely to be spudded on or around 7 January 2010. A further announcement will be made when spudding has actually occurred.

The Ruvuma PSA covers approximately 12.000 sq Kilometres in the extreme south-east of Tanzania of which roughly 80% is onshore and 20% offshore. Within the PSA are two specific, adjoining licence areas, known as Lindi and Mtwara. The first well to be drilled under the Ruvuma PSA will be on the Likonde prospect, an anticlinal structure associated with a strike slip fault. The Likonde-1 well is targeted to be drilled to a depth of approximately 3,200 metres to test multiple targets throughout the Tertiary, Cretaceous, Jurassic and Permo-Trias Karoo intervals. Aminex have reported that "the Likonde prospect is thought to have the potential for up to 500 million barrels of oil in place."

Commenting, Solo Chairman David Lenigas said, "Solo is pleased that the final hurdles have now been completed on this exciting farm-in opportunity with Aminex and Tullow on the Likonde-1 well in Tanzania and we look forward to spudding the hole in early January."

Tags: Solo Oil