(Alliance News) - Solo Oil PLC said Friday it was not aware of investee Aminex PLC submitting a 2020 work programme and budget for the Ruvuma licences in Tanzania.
Solo holds a 25% interest in the Ruvuma petroleum sharing agreement.
On Wednesday, Aminex submitted programme includes a USD40 million programme for the drilling of Chikumbi-1 well and the acquisition of extensive 3D and 2D seismic surveys over the Mtwara licence.
The oil & gas producer also said that it has agreed with farm-out partner ARA Petroleum Tanzania Ltd to fast-track pre-drilling activities at Chikumbi-1 well due to recent positive movements in Tanzania. These includes the general business environment, growing demand for natural gas consumption and the approaching completion of the government's review of production sharing agreements.
Solo said it was not made aware of these developments, which breaches the petroleum sharing agreement between the two.
"The company remains committed to having a positive working relationship with Aminex and will seek to further understand in short order the background to its actions," Solo added.
Shares in Solo Oil are currently suspended from trading in London. Aminex was trading 0.1% higher at 1.25 pence.
By Paul McGowan; paulmcgowan@alliancenews.com
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Aminex (AEX)