Solo Oil looks to advancing, commercialising Ntorya-2 well

Solo Oil said advancing the Ntorya-2 appraisal well in Tanzania and its commercialisation are key objectives for the company, having confirmed site preparations are complete.

It said mobilisation of the Caroil #2 rig from the Ntorya-1 wellsite was underway, and estimated Ntorya-2 would be spudded in December.

"The discovery of gas in high-quality Cretaceous sandstone reservoirs in the onshore portion of the Ruvuma Basin represents very significant value and we look forward to confirmation of the spud date in due course," said chairman Neil Ritson in a statement.

The Ntorya-2 pad is located about 1.5 kilometres southwest of Ntorya-1.

Solo holds a 25% interest in the Ruvuma Petroleum Sharing Agreement, which contained the Ntorya gas condensate discovery made in 2012 with the Ntorya-1 well.

At about 11:30 BST, shares in Solo were up 2.22% to 0.23p.