Your account already exists. Please login first to continue managing your settings.
Solo Oil has entered a vendor collaboration agreement with Aminex, which has engaged FirstEnergy Capital LLP to manage the farm-out of up to 50% of the two companies' respective working interests in the Rovuma PSA in Tanzania, according to a news release.
The Rovuma PSA covers 6,079 sq km (2,590 sq miles) on the Tanzanian border with Mozambique and is located within the wider Rovuma basin where more than 100 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 Rovuma PSA, the release said. Ntorya-1 was tested at more than 20 MMcf/d of gas and 139 barrels of condensate (53° API) on a 1-in choke.
An independent technical evaluation of the Rovuma 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. The Ntorya discovery has significant potential for commercial development and is estimated by ISIS to contain 1.2 Tcf of discovered and undiscovered mean GIIP, according to the release. It is anticipated that gas from Ntorya and the Rovuma PSA generally will be commercialized via the planned 36-in diameter pipeline that will run through the PSA area to Dar es Salaam, the largest gas market in Tanzania.
Participants in the Rovuma PSA are Ndovu Resources Ltd. (Aminex), 75% (operator) and Solo Oil Plc, 25%. Plans also include acquiring additional 2D seismic in 2012 and drilling two exploratory wells in the second half of 2013, the release stated.