Natural resources investment company Solo Oil has completed reprocessing of selected 2D seismic lines at the Kiliwani North Development licence acreage in Tanzania.
Using the reprocessed lines, the data will benefit from the design of a 3D seismic survey and remapping of the licence. It is expected to occur once the final data is received.
Aminex is the operator and partner of the Kiliwani North oil prospect.
Solo Oil noted that it continues to source equipment to perform the re-entry and remediation work on the Kiliwani North-1 licence.
Solo Oil executive chairman Alastair Ferguson said: “We are wholly supportive of the operator’s proposed work programme that aims to move the JV closer to re-establishing production from the field, whilst also gaining important reservoir data that can be used for future field development.
“The company believes there is good upside potential to be realised from this asset and we look forward to reviewing the final data alongside the operator. Solo’s growth strategy is predicated on establishing sustainable cash flow and we, therefore, look forward to seeing production from Kiliwani North-1 back online in due course.
“We also remain committed to realising the value of our interest in Ruvuma, but the current situation continues to reaffirm that the Board have taken the right strategic decision to diversify the business in terms of geography and asset type, and take greater control over our future.”
In July 2016, Solo Oil announced the lining up of further production testing and appraisal of the Horse Hill-1 (HH-1) discovery in the UK after adopting revised terms for the licences PEDL137 and PEDL246 (HH licences) that host the find.
Last August, UK Oil & Gas signed an agreement to increase its stake to 71.9% in Solo Oil’s Horse Hill Developments (HHDL), which owns the project in the Weald Basin, Surrey, UK.