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Solo Oil Plc (SOLO)

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Thursday 04 October, 2018

Solo Oil Plc

Kiliwani North Update

RNS Number : 9112C
Solo Oil Plc
04 October 2018
 

                                   

4 October 2018

 

SOLO OIL PLC

("Solo" or the "Company")

 

Kiliwani North Update

 

Solo Oil plc (LSE AIM: SOLO) notes the announcement made today by Aminex plc ("Aminex") relating to the transfer of a defaulting party's interest in the assets (the "Transfer") and as set out in Appendix 1 below.

 

 

 

As a result of the Transfer, Solo is deemed to have proportionally increased its share in the Kiliwani North Development Licence by 0.8418% to 8.3918% subject to the completion of certain formalities

 

For further information:

 

Solo Oil plc

Dan Maling

+44 (0) 20 7440 0642

 

 

Beaumont Cornish Limited

Nominated Adviser and Joint Broker

Roland Cornish / Rosalind Abrahams / Felicity Geidt

+44 (0) 20 7628 3396

 

Shore Capital

Joint Broker

Jerry Keen

 

Buchanan (PR)

Ben Romney / Chris Judd / Henry Wilson

 

+44 (0) 20 7408 4090

 

 

 

+44 (0) 20 7466 5000

 

 

Notes to Editors:

Solo Oil plc (Solo), is a natural resources investment company with a diverse portfolio of onshore assets, principally in Europe and Africa. The company seeks to deliver returns through early stage investment in promising projects and uses management's own sector expertise to assist in strategic asset development. Solo's portfolio currently includes extensive interests in the prolific Ruvuma Basin in Tanzania, the Horse Hill oil discovery in the Weald Basin, Helium One Limited, the Tanzanian helium exploration company, and Kiliwani North, a natural gas producing project in Tanzania.   



 

Appendix 1

4 October 2018

 

Aminex plc

 ("Aminex" or "the Company")

 

Kiliwani North and Nyuni Area Update

 

The Company announces that as a result of payment defaults by Bounty Oil & Gas NL ("Bounty") under the joint operating agreements relating to the Kiliwani North Development Licence and the Nyuni Area PSA, that Bounty is now deemed to have transferred its interests in such assets to the Company's wholly-owned subsidiary, Ndovu Resources Limited, and the other non-defaulting parties. The transferred interests include all rights and liabilities except that Bounty will, pursuant to the joint operating agreements, remain liable for its share of any outstanding work commitments and abandonment costs.

 

Subject to the completion of certain formalities, Aminex's interests in the Kiliwani North Development Licence (which contains the Kiliwani North field and Kiliwani South prospect) and the offshore Nyuni Area PSA have therefore increased by 6.383% and 6.6667% respectively.

 

The non-defaulting parties' interests in the assets are now:

 

Kiliwani North Development Licence


Nyuni Area PSA


Ndovu Resources Limited

63.8304%

Ndovu Resources Limited

100%

RAK Gas LLC

27.7778%



Solo Oil plc

8.3918%



 

 

For further information:

 

Aminex PLC

+44 20 3198 8415

Jay Bhattacherjee, Chief Executive Officer

 

Max Williams, Finance Director

 

 

 

Corporate Brokers

 

Shore Capital Stockbrokers - Jerry Keen

+44 20 7408 4090

Davy Corporate Finance - Brian Garrahy

+353 1 679 7788

Camarco PR (Financial PR)

 

Billy Clegg / Gordon Poole / James Crothers                                 

+44 20 3757 4980

 

 

Ends

 


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