Kiliwani North Development Licence Acquisition

RNS Number : 7749F

Solo Oil Plc

25 February 2015

 

FOR IMMEDIATE RELEASE, 7 am                                                                                                25 February 2015

SOLO OIL PLC

("Solo" or the "Company")

Kiliwani North Development Licence Acquisition

Formal approval now received from the Tanzanian Authorities

Solo is pleased to confirm that formal approval has been received from the Tanzanian Authorities for the Company to acquire up to a 13% interest in Kiliwani North Development Licence ("KNDL") from Aminex plc.  There now remains no further conditions precedent to the previously announced acquisition of a 6.5% interest in the KNDL for US$3.5 million and the transaction has been completed.  Solo also retains the right to purchase an additional 6.5% in the KNDL on the same terms up to 30 days after the signing of the Gas Sales Agreement.

Neil Ritson, Solo's Chairman, commented:

"We are pleased that the administrative formalities continue to be progressed effectively; since the physical sale of gas from Kiliwani North into the Songo Songo plant and then into the pipeline to Dar es Salaam gets ever closer.  We look forward to further news and our first revenue from Tanzania in the coming months."

As previously announced Solo will now become a party to the KNDL Joint Operating Agreement and a named party to the Gas Sales Agreement, which is still expected to be signed shortly.

For further information:

Solo Oil plc Neil Ritson Fergus Jenkins	[phone]
Beaumont Cornish Limited Nominated Adviser and Joint Broker Roland Cornish	[phone]
Old Park Lane Capital Plc Joint Broker Charles Laughton Zoe Alexander Shore Capital Joint Broker Pascal Keane Jerry Keen (Corporate Broker) Bell Pottinger                            Public Relations Henry Lerwill	[phone] [phone] [phone]

 

END

 

 

ACQPGUMUPUPAGRC