Solo Oil Plc Kiliwani North First Payments Received (4835H)
August 18 2016 - 2:00AM
UK Regulatory
TIDMSOLO
RNS Number : 4835H
Solo Oil Plc
18 August 2016
FOR IMMEDIATE RELEASE, 7:00 am 18 August 2016
SOLO OIL PLC
("Solo" or the "Company")
Kiliwani North First Payments Received
Solo is pleased to announce that it has been informed by Aminex
PLC, operator of the Kiliwani North Field, that payment has now
been received for its first invoice in relation to gas produced
from the Kiliwani North-1 well in Tanzania during April and May and
supplied to the Tanzania Petroleum Development Corporation
("TPDC").
Payment was made in US$ and in accordance with the Company's Gas
Sales Agreement ("GSA") with TPDC. The Company continues to work
with TPDC during the current testing period to achieve an optimal
rate and during this phase is being paid for all gas produced.
Neil Ritson, Solo's Chairman commented:
"Solo is delighted that the first payment for gas from the
Kiliwani North field has been made with minimal delay. Whilst the
first payment is quite small, reflecting initial commissioning
rates, we are pleased that an income stream has now commenced.
Future payments will be larger and create an underlying cash flow
from operations that will support Solo's ongoing investments. At a
production rate of 25 million cubic feet per day and Solo's current
interest these payments equate to approximately US$150,000 per
month."
Qualified Person's Statement:
The information contained in this announcement has been reviewed
and approved by Neil Ritson, Chairman and Director of Solo Oil plc
who has over 38 years of relevant experience in the energy sector.
Mr. Ritson is a member of the Society of Petroleum Engineers, an
Active Member of the American Association of Petroleum Geologists
and is a Fellow of the Geological Society of London.
For further information:
Solo Oil plc
Neil Ritson
Daniel Maling +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
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