SOLO RNS ATTACHED .Solo Oil shares moved higher on Tuesday morning after the company clarified that FirstEnergy Capital, which is acting for both Solo and Aminex, continue to actively discuss a farm-out of the Ruvuma production sharing agreement (PSA) and said that currently there are on-going discussions with over five interested parties.
Solo said that the farm-in discussions are expected to be concluded once the revised PSA terms associated with a variation of the current term of the licence are received.
The company is now awaiting formal approval from the Tanzanian government.
Neil Ritson; Solo Executive Director, said: "We at Solo remain of the view that a mutually attractive farm-out can still be concluded. The revised PSA terms, when approved, will allow the necessary additional seismic to be completed before drilling obligations become due and that will significantly increase the chance of further discoveries."
Solo RNS gives positive hope . The Aex RNS yesterday cost the company many millions with either honesty or ill placed negative spin . Possibly I,m just trying to hope too much in the face of blind panic at being 75% down .Usa assets could still bring in a reasonable amount and the farm out here could still be done on reasonable terms . Whats clear is this is not going to be a huge multi bagger for existing holders but there is at least hope that we,ll get our money back . next 3-6 months will be pivitol . GLTA .
Im away this week so can't post much unfortunately. Somebody needs to compare the last company update to the most recent. These assets can't change over night, the gas is there with huge upside and the farmout is not complete yet. Who knows the last 2 companies could compete for acreage and push up the price. Appears almost kamicaze from BH. He is never good at promotion but this one takes the biscuit. £20m mc is laughable if I didn't hold so much stock. As always one needs to keep ones perspective. Shame about Treadstone, I believed we would all get our happy ending.
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