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LONDON (Alliance News) - Solo Oil PLC on Thursday said it has raised GBP800,000 through a share placing to back work at the Kiliwani North gas project in Tanzania.
Solo said it has placed 320.0 million shares at 0.25 pence per share. Shares in the company were down 23% in opening trade to 0.27p, one of the worst performers in the AIM All-Share.
Solo said the funds will allow it to accelerate the acquisition of a further interest in Kiliwani North. Solo and Aminex PLC, the latter the operator of Kiliwani North, reported first gas from the project on Wednesday.
By Sam Unsted; samunsted@alliancenews.com; @SamUAtAlliance
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