Solo Oil announces exploration well plans

Oil industry firm Solo Oil has announced plans to drill an exploration well in Tanzania.

Along with its partners Aminex and Tullow Oil, the exploration and development company will drill a well in the Mtwara Block of the Ruvuma Basin in the country.

It has predicted a 20 per cent chance of successfully locating oil or gas, suggesting that there could be a recoverable find of around 630 billion cubic feet of gas.

The well will be drilled to a depth of around 2,020 metres and will target the same high-quality reservoir sands it found in the earlier Likonde-1 well.

"We are delighted that approval has been given to the drilling of Ntorya-1. [It] is one of several possible prospects and we feel confident that many more leads can be matured for drilling in this highly prospective and under explored basin," explained executive director Neil Ritson.

Recently, Brazil'z Petrobras and Exxon Mobil announced a discovery of 700 million barrels of oil and gas in the Gulf of Mexico.