Solo oil in collaboration with the operator, Aminex plc announced a material increase in its estimate of gas initially in place (“GIIP”) linked with the Ntorya gas-condensate discoveries in the Ntorya Appraisal Area in Tanzania, Stock Market Wire reported.
The potential of the Ntorya Appraisal Area, which covers approximately 750 square kilometers of the Ruvuma Petroleum Sharing Agreement , has now been successfully tested by two gas wells; Ntorya-1 and -2.
According to Interactive Investor, The Ntorya Appraisal Area is estimated to hold proven mean gross GIIP of 466bcf, which is considered a three-fold increase over the previous estimate of 153bcf.
Solo estimated that gross Contingent Resources (2C) increased by 165% from 70bcf to be 186bcf, while high estimate gross Contingent Resources (3C) increased by 230% from 232bcf to 766bcf. These new Solo contingent resource estimates covered the Ntorya Appraisal Area only and did not include the potential of the adjoining Ruvuma PSA exploration licences which is also being reassessed.