1 Feb 2016 07:00
FOR IMMEDIATE RELEASE, 7am 1 February 2016
SOLO OIL PLC
("Solo" or the "Company")
Termination of the Farmout of Ruvuma PSA, Tanzania
Solo has been advised by Aminex PLC ("Aminex") that they are not proceeding with their proposed agreement with Bowleven PLC ("Bowleven") to farmout acreage in Tanzania, originally announced to shareholders on 19 November 2015. A mutually agreeable work programme between the parties and the Tanzania Petroleum Development Corporation could not be agreed and as a result the parties will not now close the transaction announced in December 2015.
Solo had entered into a back-to-back agreement with Aminex to farm out part of the Company's interest in the Ruvuma Petroleum Sharing Agreement ("Ruvuma PSA"), however, that transaction will also now be terminated by mutual agreement. Solo's interest in the Ruvuma PSA will therefore remain at 25%.
Neil Ritson, Solo's Chairman, commented:
"The recent signing of the Kiliwani North GSA allows the partnership with Aminex to seek alternative ways to develop our highly prospective Ruvuma acreage. We are therefore pleased for the time being to retain our existing working interest in the Ruvuma PSA where the partnership is planning to recomplete the Ntorya-1 discovery for early production and drill the Ntorya-2 appraisal well."
For further information:
Solo Oil plc Neil Ritson Fergus Jenkins | +44 (0) 20 3794 9230 |
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Beaumont Cornish Limited Nominated Adviser and Joint Broker Roland Cornish | +44 (0) 20 7628 3396 |
Shore Capital Joint Broker Pascal Keane Jerry Keen (Corporate Broker)
Bell Pottinger Public Relations Henry Lerwill
Cassiopeia Services LLP Investor Relations Stefania Barbaglio |
+44 (0) 20 7408 4090
+44 (0) 20 3772 2500
+44 (0) 79 4969 0338 |