Oil and gas explorers Aminex and Solo Oil took a tumble after a disappointing drilling result at that their jointly owned Ntorya-1 exploration well in the Ruvuma Basin onshore in Tanzania.
Hopes were raised at the end of February when Aminex, the operator and 75% owner of the Ruvuma production share agreement, Aminex reported that a gas discovery had been made in a 25 metre gross sand interval in the well.
The well was subsequently deepened to a total depth (TD) of 3,150 metres. Further testing found encouraging gas readings over a 300 metre interval from 2,850 metres to TD, but a deeper target horizon identified on seismic at a depth of around 3,000 metres was found not to have reservoir potential.
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The well will now be plugged back to the base of the 7-inch liner at 2,750 metres and completed for testing of the gas pay interval. A test programme will be carried out after the rig has been moved off location.
Solo Oil has a 25% stake in the Ruvuma production share agreement (PSA). Both Aminex and Solo are looking for new partners to buy into the PSA, including the 676 square kilometre offshore portion adjacent to Block 1, owned by BG Grp and Ophir Energy.
Shares in Solo tumbled 0.08p to 0.55p on the news, while Aminex fell as low as 4.375p, down from 6.30p overnight, before recovering slightly.
JH
