Solo Oil upgrades estimates near-threefold at Ntorya project in Tanzania

Aminex, operators of the Ruvuma petroleum sharing agreement in Tanzania, in which fellow AIM company Solo Oil holds a 25% interest, confirmed a large increase in gas estimates within its Ntorya appraisal area.

Aminex upgraded the unrisked resource estimate to 1,344bn cubic feet from 466bn bcf.

The near-threefold increase from its estimates posted in April was based on continued technical work on the data from the successful Ntorya-2 well and re-evaluation of existing seismic data in the group's onshore project at the Ruvuma basin.

Solo estimated it held net resources of approximately 335 bcf within its 25% interest, making up an equivalent of 35m barrels of oil.

Neil Ritson, executive chairman of Solo, said: "The updated modelling, mapping, and corresponding resource numbers continue to confirm that the Ruvuma Basin is a major resource for Solo and its partner, Aminex, and is of significant national importance to Tanzania. We and Aminex are working with the TPDC on an optimal development plan to begin the Ntorya Field into production as quickly as possible."

As of 0850 BST, shares had gained 12% on the day, sitting at 5.74p.