Interests in Kiliwani North, Tanzania

RNS Number : 1186J

Solo Oil Plc

07 September 2016

 

FOR IMMEDIATE RELEASE, 7:00 am                                                                                    7 September 2016

SOLO OIL PLC

("Solo" or the "Company")

Interests in Kiliwani North, Tanzania

Solo today announces that it has informed Aminex plc, the operator of the Kiliwani North Development Licence ("KNDL"), that the Company does not intend to exercise its immediate option over a further 1.25% interest in the KNDL, which is now available to Solo having received first revenue from gas sales in mid-August. 

The Company continues to hold a further option over an additional 1.575% in the producing Kiliwani North field as announced 4 April 2016 and the Company will determine its investment in that tranche in due course.  Solo presently holds a 7.175% interest in the KNDL which contains the producing Kiliwani North-1 well.  If the Company elects to take the final option its total interest in the KNDL will rise to 8.75%. 

The Company also holds a 25% interest in the Ruvuma Production Sharing Contract area in Tanzania which contains the Ntorya-1 gas condensate discovery well.

Neil Ritson, Solo's Chairman, commented;

"We are very pleased with the progress being made at Kiliwani North now that the Songo Songo Island gas processing plant has been fully commissioned and we expect to see further production and gas sales news in the next few weeks.  Kiliwani North is an important project for us as it represents our first revenue from Tanzania, however, Solo has elected to focus its immediate investment on the larger potential at Ntorya, where appraisal drilling of will shortly be underway."

Qualified Person's Statement:

The information contained in this announcement has been reviewed and approved by Neil Ritson, Chairman and Director of Solo Oil plc who has over 38 years of relevant experience in the energy sector. Mr. Ritson is a member of the Society of Petroleum Engineers, an Active Member of the American Association of Petroleum Geologists and is a Fellow of the Geological Society of London.

For further information:

Solo Oil plc Neil Ritson Daniel Maling	[phone]
Beaumont Cornish Limited Nominated Adviser and Joint Broker Roland Cornish	[phone]
Shore Capital Joint Broker Pascal Keane Jerry Keen (Corporate Broker) Cassiopeia Services Ltd Investor Relations Stefania Barbaglio	[phone] [phone]

 

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