Progress towards a Farm-out in Tanzania

RNS Number : 1618F
Solo Oil Plc
21 May 2013
 



For Immediate Release                                                                                                                                21 May 2013

 

 

SOLO OIL PLC

("Solo")

Progress towards a Farm-out in Tanzania

 

 

Following the press statement by Aminex plc ("Aminex") yesterday, Solo wishes to clarify thatFirstEnergy Capital LLP, who are acting for both Solo and Aminex, continue actively to discuss a farm-out of the Ruvuma PSA and currently there are on-going discussions with over five interested parties.

 

The farm-in discussions are expected to be concluded once the revised PSA terms associated with a variation of the current term of the licence are received.  These revisions have been agreed in principle by the Tanzanian Government and formal approval is now awaited.

 

The Ruvuma PSA contains the 1.1 tcf Ntorya-1 gas condensate discovery made onshore in the Ruvuma Basin by Solo and Aminex in 2012. Participants in the PSA are; Ndovu Resources Ltd (Aminex) 75% (operator) and Solo Oil Plc 25%. 

 

Neil Ritson; Solo Executive Director, commented:  "We at Solo remain of the view that a mutually attractive farm-out can still be concluded.  The revised PSA terms, when approved, will allow the necessary additional seismic to be completed before drilling obligations become due and that will significantly increase the chance of further discoveries."

 

Competent Person's Statement:

 

The information contained in this announcement has been reviewed and approved by Neil Ritson, Chief Executive Officer and Director for Solo Oil Plc who has over 35 years of relevant experience in the oil industry.  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

David Lenigas

Neil Ritson

+44 (0) 20 7440 0642



Beaumont Cornish Limited

Nominated Adviser and Joint Broker

Roland Cornish

+44 (0) 20 7628 3396



Old Park Lane Capital Plc

Joint Broker

Michael Parnes

Luca Tenuta

 

Shore Capital

Joint Broker

Pascal Keane

Jerry Keen (Corporate Broker)

 

Pelham Bell Pottinger                            

Public Relations

Mark Antelme

 Henry Lerwill

 

+44(0) 20 7493 8188

 

 

 

 

 

 

+44 (0) 20 7408 4090

 

 

 

 

+44 (0) 20 7861 3232                          

 


This information is provided by RNS
The company news service from the London Stock Exchange
 
END
 
 
MSCURAWROWAVUAR
UK 100