TIDMSOLO

RNS Number : 5391N

Solo Oil Plc

01 February 2016

FOR IMMEDIATE RELEASE, 7am 1 February 2016

SOLO OIL PLC

("Solo" or the "Company")

Termination of the Farmout of Ruvuma PSA, Tanzania

Solo has been advised by Aminex PLC ("Aminex") that they are not proceeding with their proposed agreement with Bowleven PLC ("Bowleven") to farmout acreage in Tanzania, originally announced to shareholders on 19 November 2015. A mutually agreeable work programme between the parties and the Tanzania Petroleum Development Corporation could not be agreed and as a result the parties will not now close the transaction announced in December 2015.

Solo had entered into a back-to-back agreement with Aminex to farm out part of the Company's interest in the Ruvuma Petroleum Sharing Agreement ("Ruvuma PSA"), however, that transaction will also now be terminated by mutual agreement. Solo's interest in the Ruvuma PSA will therefore remain at 25%.

Neil Ritson, Solo's Chairman, commented:

"The recent signing of the Kiliwani North GSA allows the partnership with Aminex to seek alternative ways to develop our highly prospective Ruvuma acreage. We are therefore pleased for the time being to retain our existing working interest in the Ruvuma PSA where the partnership is planning to recomplete the Ntorya-1 discovery for early production and drill the Ntorya-2 appraisal well."

For further information:

 
 Solo Oil plc 
  Neil Ritson 
  Fergus Jenkins             +44 (0) 20 3794 9230 
 
 Beaumont Cornish Limited 
  Nominated Adviser and 
  Joint Broker 
  Roland Cornish             +44 (0) 20 7628 3396 
  Shore Capital 
   Joint Broker 
   Pascal Keane 
   Jerry Keen (Corporate 
   Broker) 
   Bell Pottinger 
   Public Relations 
   Henry Lerwill 
   Cassiopeia Services 
   LLP                        +44 (0) 20 7408 4090 
   Investor Relations          +44 (0) 20 3772 2500 
   Stefania Barbaglio          +44 (0) 79 4969 0338

This information is provided by RNS

The company news service from the London Stock Exchange

END

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