Solo Oil plc (LSE AIM: SOLO) is pleased to note the announcement made today by Aminex plc (“Aminex”) relating to operations in Tanzania and as set out in Appendix 1 below.
The Company holds a 25% beneficial interest in the Ruvuma PSA and 8.3918% interest in Kiliwani North-1.
Dan Maling, Managing Director commented:
“We have been working closely with Aminex on reviewing the forward operational programmes at both Ruvuma and Kiliwani. There are now detailed cost estimates with operational plans in place. While the work programme commitments remain contingent on governmental approvals at Ruvuma, with our recent monetisation efforts we are in a strong cash position with a liquid balance sheet and are confident of being fully funded for next year’s planned well programme and G&A.”
Alastair Ferguson, Solo’s Chairman, commented:
“This update comes after a period of discussion and collaboration planning between Solo and Aminex. We are pleased to see Aminex’s issuance of their circular and are supportive of their planned farmout of the Ruvuma PSA to The Zubair Corporation LLC. We regard this deal and the quality of the farminee as a significant external validation of the project and look forward to working with the new operator alongside Aminex to drive the development of the Ruvuma gas project forward. We look forward to further updates from Aminex as we continue to actively participate in the joint venture management and planning processes.”