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Shares in AIM-listed Solo Oil (LON:SOLO) fell by 4.15% to 2,16p (as of 14:30 BST) after it revealed that the pressure build-up at Kiliwani North has continued to grow and measures to remediation work on the well has begun. As an initial measure, a faulty valve will be repaired and then, pending approval, an untested lower section of the reservoir will be perforated to allow production to recommence full time during the fourth quarter.
The company has also committed to acquiring 3D seismic models of 275 square kilometres within its concessions to de-risk prospects and leads.
Chief executive Jay Bhattacherjee commented that: “The Company believes that, given the significant production surrounding Songo Songo Island and the geological properties identified in Kiliwani North, there remains significant opportunities to pursue additional development of the Kiliwani North Development Licence as all the commercial terms are already in place.“