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	[phone]
Beaumont Cornish Limited Nominated Adviser and Joint Broker Roland Cornish	[phone]
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	[phone] [phone] [phone]

 

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