Solo has entered into a Vendor Collaboration Agreement with Aminex plc (Aminex), which has engaged FirstEnergy Capital LLP (FirstEnergy) to manage the farm-out of up to 50% of the two companies' respective working interests in the Ruvuma PSA in Tanzania.

The Ruvuma PSA covers 6,079 square kilometres on the Tanzanian border with Mozambique and is located within the wider Ruvuma Basin where over 100 trillion cubic feet (tcf) of gas has been discovered in recent years. Earlier this year gas was discovered by Solo and Aminex at the Ntorya-1 well in the Ruvuma PSA. Ntorya-1 was tested at over 20 million cubic feet per day of gas and 139 barrels of condensate (53 degree API) on a 1" choke.

As recently announced, an independent technical evaluation of the Ruvuma PSA has been prepared by ISIS Petroleum Consultants ("ISIS") which attributed a total mean unrisked gas-initially-in-place (GIIP) for identified leads, prospects and discoveries of 5.75 tcf within the PSA.

Tags: Solo Oil