Solo Oil PLC (SOLO.LN), which buys interests in exploration, development and production oil and gas assets, said Monday Likonde-1 in Tanzania, the first well to be drilled on the Ruvuma PSA, is due to be spudded on Jan. 7 and drilled to a programmed total depth of 3,200 meters.

MAIN FACTS:

-Drilling time is estimated to be around two months, subject to any operational delays which can occur in a remote frontier area.

-The Likonde prospect is a robust faulted rollover structure with the potential for 500 million barrels of oil in place and estimated P10 recoverable reserves in excess of 150 million barrels of oil, risked by Aminex at a 1:4 chance of success.

-The Likonde-1 well will test multiple targets in the Tertiary, Cretaceous, and Permo-Trias Karoo intervals.

-Interests in Likonde-1 are Tullow Oil PLC (TLW.LN)--operator 50%, Aminex PLC (DOP.DB) 37.5% and Solo Oil 12.5%.

-By London Bureau, Dow Jones Newswires; Contact Ian Walker; +44 (0)20 7842 9296; ian.walker@dowjones.com
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