Solo Oil Receives Approval To Acquires Up To a 13% Interest in Kiliwani North Development Licence
Solo is pleased to confirm that formal approval has been received from the Tanzanian Authorities for the Company to acquire up to a 13% interest in Kiliwani North Development Licence ("KNDL") from Aminex plc. There now remains no further conditions precedent to the previously announced acquisition of a 6.5% interest in the KNDL for US$3.5 million and the transaction has been completed. Solo also retains the right to purchase an additional 6.5% in the KNDL on the same terms up to 30 days after the signing of the Gas Sales Agreement.
Neil Ritson, Solo's Chairman, commented:
"We are pleased that the administrative formalities continue to be progressed effectively; since the physical sale of gas from Kiliwani North into the Songo Songo plant and then into the pipeline to Dar es Salaam gets ever closer. We look forward to further news and our first revenue from Tanzania in the coming months."
As previously announced Solo will now become a party to the KNDL Joint Operating Agreement and a named party to the Gas Sales Agreement, which is still expected to be signed shortly.