Kiliwani North Update

RNS Number : 9112C

Solo Oil Plc

04 October 2018

 

4 October 2018

SOLO OIL PLC

("Solo" or the "Company")

Kiliwani North Update

Solo Oil plc (LSE AIM: SOLO) notes the announcement made today by Aminex plc ("Aminex") relating to the transfer of a defaulting party's interest in the assets (the "Transfer") and as set out in Appendix 1 below.

As a result of the Transfer, Solo is deemed to have proportionally increased its share in the Kiliwani North Development Licence by 0.8418% to 8.3918% subject to the completion of certain formalities

For further information:

Solo Oil plc Dan Maling	[phone]
Beaumont Cornish Limited Nominated Adviser and Joint Broker Roland Cornish / Rosalind Abrahams / Felicity Geidt	[phone]
Shore Capital Joint Broker Jerry Keen Buchanan (PR) Ben Romney / Chris Judd / Henry Wilson	[phone] [phone]

Notes to Editors:

Solo Oil plc (Solo), is a natural resources investment company with a diverse portfolio of onshore assets, principally in Europe and Africa. The company seeks to deliver returns through early stage investment in promising projects and uses management's own sector expertise to assist in strategic asset development. Solo's portfolio currently includes extensive interests in the prolific Ruvuma Basin in Tanzania, the Horse Hill oil discovery in the Weald Basin, Helium One Limited, the Tanzanian helium exploration company, and Kiliwani North, a natural gas producing project in Tanzania.   

Appendix 1

4 October 2018

Aminex plc

 ("Aminex" or "the Company")

Kiliwani North and Nyuni Area Update

The Company announces that as a result of payment defaults by Bounty Oil & Gas NL ("Bounty") under the joint operating agreements relating to the Kiliwani North Development Licence and the Nyuni Area PSA, that Bounty is now deemed to have transferred its interests in such assets to the Company's wholly-owned subsidiary, Ndovu Resources Limited, and the other non-defaulting parties. The transferred interests include all rights and liabilities except that Bounty will, pursuant to the joint operating agreements, remain liable for its share of any outstanding work commitments and abandonment costs.

Subject to the completion of certain formalities, Aminex's interests in the Kiliwani North Development Licence (which contains the Kiliwani North field and Kiliwani South prospect) and the offshore Nyuni Area PSA have therefore increased by 6.383% and 6.6667% respectively.

The non-defaulting parties' interests in the assets are now:

Kiliwani North Development Licence		Nyuni Area PSA
Ndovu Resources Limited	63.8304%	Ndovu Resources Limited	100%
RAK Gas LLC	27.7778%
Solo Oil plc	8.3918%

For further information:
Aminex PLC	[phone]
Jay Bhattacherjee, Chief Executive Officer
Max Williams, Finance Director
Corporate Brokers
Shore Capital Stockbrokers - Jerry Keen	[phone]
Davy Corporate Finance - Brian Garrahy	[phone]
Camarco PR (Financial PR)
Billy Clegg / Gordon Poole / James Crothers	[phone]

Ends

 

END

 

 

UPDLLFVTIELVIIT