SOLO.L Regulatory News (SOLO)

12 October 2020

Solo Oil plc

("Solo Oil" or "The Company") 

Tanzania Operations Update

Solo Oil (AIM: SOLO), shortly to be renamed Scirocco Energy, the AIM investing company targeting attractive production and development opportunities within the European energy market, notes the RNS released by Aminex today, in which it provides an update regarding the Company's ongoing operations in Tanzania.

The announcement states that Aminex's wholly owned subsidiary, Ndovu Resources Limited, has received approval from the Tanzanian Government for the transfer of a 50% interest in, and operatorship of, the Ruvuma PSA to ARA Petroleum Tanzania Limited ("APT"). With receipt of such approval, Aminex anticipates completion of the Farm-Out within the next few days. 

This marks a key development in Solo's ongoing sales process of its assets in Tanzania, including the Ruvuma PSA in which the Company holds 25% interest.

Tom Reynolds, CEO at Solo Oil, comments: "We are delighted Aminex and ARA Petroleum have succeeded in obtaining the final Government approvals for the completion of their transaction. This milestone indicates an improving operating environment in Tanzania and emphasises the commitment of the incoming operator to move forward with the development and unlock the value from this high-quality onshore gas asset ideally situated to provide domestic gas into existing infrastructure and with a ready market for commercialisation.

From our perspective, this is a key milestone for our sales process as it provides clarity and certainty on the development of the project. We continue to have strong engagement for our sales process, and with this news today, we hope to move those discussions forward with a view to realising value for our shareholders and setting us on our stated growth path."

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