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Aminex sells stake in Tanzanian licence to Solo Oil

Thu, 11th Feb 2016 15:57

(ShareCast News) - Oil and gas explorer Aminex is selling a 3.8% interest in the Kiliwani North Development licence in Tanzania to Solo Oil for $2.16m (£1.49m), the company announced on Thursday.Solo's stake in the licence will increase to 10% following the completion of the deal. Aminex will remain the majority owner with a 51.75% holding.Solo had an option to acquire an additional 6.175% interest under a previous agreement with Aminex. The remaining entitlement under the option will expire following the transaction.
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Oil explorers and producers Aminex and Solo Oil saw share prices rise after the Tanzanian government accepted a proposed deal for Solo to purchase up to a 13% interest in Aminex's Tanzanian Kiliwani North development licence for $7m. Solo plans to purchase a total 13% stake in the licence from Amine

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