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LONDON (Alliance News) - Solo Oil PLC on Monday said it has completed a sale and purchase agreement to increase its stake in the Kiliwani North development licence under a deal with fellow London-listed firm Aminex PLC.
Solo will pay USD2.2 million to increase its stake in the Tanzania licence to 10% from 6.175% previously.
"Solo is delighted to increase its exposure to the KNDL project with commencement of production imminent," said Solo Oil Chairman Neil Ritson.
Solo shares were up 4.9% to 0.32 pence, while Aminex shares were down 2.7% to 1.27p.
By Sam Unsted; samunsted@alliancenews.com; @SamUAtAlliance
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