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Solo Oil, a natural resource investment company, has completed the reprocessing of selected 2D seismic lines over the Kiliwani North Development License in Tanzania

47504222982 d945c730bc z 1Solo Oil owns a 25 per cent stake in Ruvuma and 8.4 per cent of Kiliwani North. (Image source: Tony Webster/Flickr)

The reprocessing data will benefit the design of the 3D seismic survey, and the remapping of the license using the reprocessed lines will take place once the final data has been received.

The company stated that it continues to source equipment to perform the re-entry and remedial work on Kiliwani North-1.

Aminex is the operator and partner of the Kiliwani North oil prospect.

Alastair Ferguson, Solo’s executive chairman, said, “We are wholly supportive of the Operator’s proposed work programme that aims to move the JV closer to re-establishing production from the field, while also gaining important reservoir data that can be used for future field development.”

“The company believes there is good upside potential to be realised from this asset, and we look forward to reviewing the final data alongside the operator. Solo’s growth strategy is predicated on establishing sustainable cash flow and we, therefore, look forward to seeing production from Kiliwani North-1 back online in due course,” he added.

“We also remain committed to realising the value of our interest in Ruvuma, but the current situation continues to reaffirm that the board have taken a right strategic decision to diversify the business in terms of geography and asset type, and take greater control over our future,” he concluded.