It’s looking very good at Solo Oil. Retail punter interest is continuing to drive the sp towards 2p which i’m assured should be breached. Following production testing on Ausable5# the well will be connected to the existing central production facility and placed on production as an oil and natural gas liquids producer. The Company’s objective is to have the well on production within the next four weeks they will then push on (Due to the presence of extensive oil and natural gas liquid pay zones in the Ausable #5 well) to begin detailed scheduling for the drilling of the Ausable #6, #7, #8 and #9 wells and the expansion of the Ausable production facility. Currently it is hoped to complete this additional work by the end of 2011.
I’ve been getting some very positive feed-back not least from the company itself. I have spoken to Neil Ritson at length re’ the recent good news. I was rather impressed with the professional way he dealt with questions. One pointer here is that Ritson has a very good relationship with the mercurial Leni and it was Leni who head-hunted Ritson. From what I can gather Solo/Ritson are eager to progress their direct 12.5% working interest in the Ruvuma Petroleum Sharing Agreement in Tanzania following the successful drilling of the Likonde-1 well. The Ruvuma PSA lies in the south-east of Tanzania and covers approximately 12,360 square kilometres with some 20% of this area offshore and the balance onshore. Within the Ruvuma PSA are two separate licence areas known as Lindi in the north and Mtwara in the south, contiguous with the Mozambique border. There are some big-hitters working in this area. Tullow being one. “Following completion of the Likonde-1 well the Tullow operated partnership commissioned the reprocessing of the existing 2D seismic data in order to better image the prospective Tertiary section with a view to selecting a location for the drilling of the second well which is due to be drilled in the PSA during 2011. At the end of the period that seismic reprocessing was being completed and technical work was underway to select a drilling location.”
They are an interesting Tiddler to watch as they are on a charge. How high will they hit? I should imagine that a 3p target could easily be reached on further good news from Ontario/Tanzania. Probably doubling to 6p depending on what the news contains.
Eyes on here. Ritson worked 23 years with BP PLC where he held roles as international chief geophysicist and strategic business unit manager in both Norway and Alaska. In 1999 he was appointed to run the Burlington Resources Inc businesses in North Africa before becoming Vice President UK in 2001 and VP International in 2003. In-fact it is safe to say that Ritson has vast experience in the oil-industry and is well-respected from within the Industry.
There will be some lows here as is the way of small minnows but the highs will more than make up for them.
Eyes on Solo and research them.
PS You’ll all note the recent placing. As foretold here.
PPS Re’ revenues accruing. All proceeds are going to Build a school in Africa when the new site goes live.