Solo Oil has reported that following the first independent evaluation of the hydrocarbon potential of the Ruvuma PSA, the total mean unrisked gas-initially-in-place at Ntorya is 1.17trn cubic feet, of which 178bn cubic feet (bcf) is discovered.
This, the firm said, highlights the "outstanding potential" of this under-explored onshore and near-shore portion of the Ruvuma Basin, a basin which has recently been highly successful in the deepwater offshore in both Tanzania and Mozambique.
In addition, there is a potentially large lead up-dip at the site, which is estimated to be around 2.62trn cubic feet.
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The firm is now "actively seeking an additional partner to participate in the next phase of exploration and development".
The share price rose 10.31% to 0.54p tp 15:12.
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