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Don't have an account? Click here to register.Solo Oil raises £2m to fund joint venture commitments
Thu, 16th Feb 2017 12:38
(ShareCast News) - Solo Oil announced on Thursday that it raised £2m before expenses through a company-sponsored placing of 400 million new ordinary shares of 0.01p, at a price of 0.5p per placing share, representing approximately 5.7% of the issued share capital prior to admission of the placing shares.The AIM-traded firm said the net proceeds from the placing would be used to fund the company's share of the imminent well-testing programme for the recently drilled Ntorya-2 appraisal in Tanzania, and the analysis of future development options for the Ntorya discovery, where Aminex is the operator.Solo holds a 25% working interest in the Ruvuma Petroleum Sharing Agreement and in the Ntorya gas and condensate discovery."The company is looking forward to the flow test results from the Ntorya-2 gas discovery in the coming weeks," said non-executive chairman Neil Ritson."Following the flow testing the joint venture partners will define the forward development programme for the Ntorya discovery and are expecting to apply for a 25-year development licence."
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Solo Oil and Aminex receive approval for Kiliwani North sale
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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