Update on Exercise of Option

RNS Number : 1701O

Solo Oil Plc

24 June 2010

 



FOR IMMEDIATE RELEASE 24 June 2010

Solo Oil Plc

("Solo" or "the Company")

Update on Exercise of Option with Aminex on Ruvuma Basin, Tanzania

23 June 2010 - Solo Oil Plc ("Solo") advises that, further to the announcement made on 22 April 2010, relating to the Company's intention to exercise its option to take up a 12.5% interest in the Ruvuma PSA and in the Joint Operating Agreement between Ndovu (an Aminex Plc subsidiary) and Tullow Oil Plc (operator),  the Company has now completed all outstanding matters pertaining to the exercise of the option with Tullow Oil, Aminex and the Tanzanian Government.

Solo has now become a full party to the Ruvuma joint operating agreement with Tullow Oil (operator) owning 50% of the Lindi and Mtwara blocks in partnership with Aminex (37.5%) and Solo (12.5%).

In addition, the Company advises that all options previously granted on 18 December 2009 to directors, management and consultants have now vested fully.

The Company further advises the appointment of Beaumont Cornish as joint broker of the Company with Astaire Securities with immediate effect, following the termination of arrangements with Rivington Street Corporate Finance.

Solo's Chairman, David Lenigas, commented:

"The signing of the Deed with Aminex and Tullow is a significant milestone for the Company, especially considering the current activity in the Ruvuma Basin by global oil majors. We are looking forward to working closely with our JOA partners to fully develop the potential of the Tanzanian side of the Basin."

For further enquiries:

Solo Oil PLC:                                                                            [phone]
David Lenigas/Kiran Morzaria

Beaumont Cornish - Nominated Adviser                                [phone]
Roland Cornish

Astaire Securities - Broker                                                      [phone]

Jerry Keen/Toby Gibbs

 

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