Solo Oil PLC - Tanzania-focused oil & gas firm - Enters share subscription agreement for up to USD5.0 million with specialist investor Prolific Basins LLC, and Solo Oil can immediately draw on GBP500,000 of this. Share price to be based on average market price prior to each subscription tranche. Says will uses money to fund appraisal programme at Ntorya gas field in Tanzania and for working capital, while it progresses sales process of its interest in Tanzania. "We want to reassure shareholders that we are working hard to deliver our strategy, whilst running the company as cost-efficiently and effectively as possible," said Chief Executive Officer Tom Reynolds. "Our ongoing sales process is progressing and we are encouraged by the interest in the company's natural gas assets in Tanzania."
Current stock price: 1.07 pence for GBP6.8 million market capitalisation
Year-to-date change: up 13%
By Tom Waite; thomaslwaite@alliancenews.com
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