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LONDON (Alliance News) - Solo Oil PLC on Wednesday said formal approval has now been given by Tanzanian authorities for the company's acquisition of a 13% stake in the Kiliwani North Development Licence from fellow UK-listed oil firm Aminex PLC.
"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," said Solo Chairman Neil Ritson.
Shares in Solo were up 5.0% on Wednesday morning to 0.525 pence, one of the best performers in the AIM All-Share, while Aminex shares were up 9.2% to 2.13p, one of the best on the London Main Market.
By Sam Unsted; samunsted@alliancenews.com; @SamUAtAlliance
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