LONDON (Alliance News) - Solo Oil PLC on Thursday said it has raised GBP2.0 million via a placing to back work on the Ntorya discovery in Tanzania.
The firm has issued 400.0 million shares at 0.50 pence a share to raise the money. Solo shares were down 14% to 0.525p on the news on Thursday morning.
The net proceeds will be used to cover Solo's share of the costs for the well testing programme due to start on the Ntorya-2 well in Tanzania. The site is operated by UK-listed Aminex PLC.
"The company is looking forward to the flow test results from the Ntorya-2 gas discovery in the coming weeks. 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," said Solo Executive Chairman Neil Ritson.
By Sam Unsted; samunsted@alliancenews.com; @SamUAtAlliance
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