Likonde-1 exploration well result

Likonde-1 is located in the Lindi Block in the Ruvuma Basin of Southern Tanzania. The well has been drilled to a total depth of 3,647 metres and results of drilling, wireline logs and side-wall coring have shown that the well has intersected two sandstone intervals of over 250 metres combined thickness with evidence of residual oil and gas. Drilling had to be terminated in the deepest objectives due to high gas influx.

The well, which is now being plugged and abandoned, is the first of a two-well programme within the prospective Ruvuma delta region. The encouraging results will be followed up with detailed technical work prior to selecting the next drilling location.

Tullow (50%) operates the Lindi and Mtwara blocks in partnership with Aminex. Solo Oil is earning an interest through farming into 12.5% of Aminex's 50% interest in the well and has an option to elect to become a full joint venture partner. If Solo exercises its option, Aminex's interest in the Ruvuma Licence will be reduced to 37.5%.

Commenting today, Angus McCoss, Exploration Director, said:

"Likonde-1 is an encouraging well with follow-up exploration potential. The valuable technical insights gained are now being incorporated into our regional geological model to further evaluate this promising basin in Southern Tanzania."