Tanzania Partner Financing and Operational Update

RNS Number : 6477J

Solo Oil Plc

21 December 2015

 

                                                                                                                  21 December 2015

SOLO OIL PLC

("Solo" or the "Company")

Tanzania Partner Financing and Operational Update

Solo today notes the news release from the Operator of Solo's assets in Tanzania, Aminex plc ("Aminex"), which includes details of an extension to their corporate loan facility and an update relating to the Kiliwani North Gas Sales Agreement ("GSA").

The key items relating to the GSA are reported as follows:

·     GSA inclusive of payment protection terms has been submitted to Tanzanian Attorney General office and is pending final signature;

·     Songo Songo processing plant is now complete and awaiting Kiliwani North gas to begin commissioning and testing; and

·     Ndovu Resources Limited ('Ndovu'), Aminex's wholly owned subsidiary, is engaged in final well maintenance work to bring the Kiliwani North well on stream.

Ndovu has reached agreement with the Tanzanian Petroleum Development Corporation on all terms of the GSA, including acceptable payment protection mechanisms for the gas delivered.  The agreement has now been forwarded to the Tanzanian Attorney General's office, whose approval is required prior to formal signing.

For further information:

Solo Oil plc Neil Ritson Fergus Jenkins	[phone]
Beaumont Cornish Limited Nominated Adviser and Joint Broker Roland Cornish	[phone]
Shore Capital Joint Broker Pascal Keane Jerry Keen (Corporate Broker) Bell Pottinger                            Public Relations Henry Lerwill Cassiopeia Services LLP Investor Relations Stefania Barbaglio	[phone] [phone] [phone]

 

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