Solo Oil Plc Kiliwani North Development Licence Acquisition (7749F)
February 25 2015 - 2:00AM
UK Regulatory
TIDMSOLO
RNS Number : 7749F
Solo Oil Plc
25 February 2015
FOR IMMEDIATE RELEASE, 7 am 25 February 2015
SOLO OIL PLC
("Solo" or the "Company")
Kiliwani North Development Licence Acquisition
Formal approval now received from the Tanzanian Authorities
Solo is pleased to confirm that formal approval has been
received from the Tanzanian Authorities for the Company to acquire
up to a 13% interest in Kiliwani North Development Licence ("KNDL")
from Aminex plc. There now remains no further conditions precedent
to the previously announced acquisition of a 6.5% interest in the
KNDL for US$3.5 million and the transaction has been completed.
Solo also retains the right to purchase an additional 6.5% in the
KNDL on the same terms up to 30 days after the signing of the Gas
Sales Agreement.
Neil Ritson, Solo's Chairman, commented:
"We are pleased that the administrative formalities continue to
be progressed effectively; since the physical sale of gas from
Kiliwani North into the Songo Songo plant and then into the
pipeline to Dar es Salaam gets ever closer. We look forward to
further news and our first revenue from Tanzania in the coming
months."
As previously announced Solo will now become a party to the KNDL
Joint Operating Agreement and a named party to the Gas Sales
Agreement, which is still expected to be signed shortly.
For further information:
Solo Oil plc
Neil Ritson
Fergus Jenkins +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
Charles Laughton
Zoe Alexander
Shore Capital
Joint Broker
Pascal Keane
Jerry Keen (Corporate
Broker)
Bell Pottinger +44(0) 20 7493 8188
Public Relations +44 (0) 20 7408 4090
Henry Lerwill +44 (0) 20 3772 2500
This information is provided by RNS
The company news service from the London Stock Exchange
END
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