Solo Oil has announced the results of the first independent evaluation of the Ruvuma PSA, an under-explored portion of the Ruvuma Basin, southern Tanzania.
The assessment, carried out by Australia-based ISIS Petroleum Consultants, (ISIS), identified a mean unrisked gas-initially-in-place (GIIP) within identified leads, prospects and discoveries of 5.75 trillion cubic feet.
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Solo said that flow testing the Ntorya-1 discovery well reported gas at a rate of 20.1 million cubic feet per day and an estimated 140 barrels per day of condensate from good quality Lower Cretaceous sands.
A total 1.17 trillion cubic feet mean unrisked GIIP at Ntorya was calculated by ISIS of which 178 billion cubic feet was discovered, based on the reservoir data from the well combined with seismic mapping.
The evaluation also identified a large lead up-dip of Ntorya, seen to have a mean 2.62 trillion cubic feet unrisked GIIP potential, while ISIS also recognised additional, but so far unquantified, oil potential in the Karoo Formation, especially in the north of the Ruvuma.
Solo Oil executive director Neil Ritson said the existence of identified discoveries, leads and prospects with mean potential of 5.75 trillion cubic feet and a further significant potential for oil underlines the "enormous potential" of the Ruvuma PSA.
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By GlobalData"When taken together with the vast reserves discovered to date offshore and the favourable operating cost environment of the onshore this represents a very valuable resource," Neil added.
"Existing nearby infrastructure and the planned Mtwara to Dar es Salaam pipeline further enhance the commercial value of this acreage."
Solo now seeks an additional partner to participate in the next phase of exploration and development in the prospect and identify further drilling targets.
A seismic infill programme is planned for the end of 2012 for a better understanding of the Ntorya area together with the Namisange Lead and a further 2D seismic acquisition programme after which appraisal drilling is expected to start.
