Solo Oil Plc - Ruvuma Update
("Solo" or "the Company")
Solo (AIM: SOLO), a natural resources investment company focused on assembling a balanced, full lifecycle portfolio comprised of production, development and exploration assets, notes the following announcement from AMINEX PLC, which is copied in its entirety below. Solo has a 25 per cent. interest in the Ruvuma Petroleum Sharing Agreement (referred to as "Ruvuma" below).
Commenting on the update,
"This is clearly a positive update for Solo and its
Note: For the avoidance of doubt, references to the "Company" below relate to AMINEX PLC, and not Solo.
("Aminex" or "the Company")
Ruvuma Farm-Out Update and Acceleration of Drilling Operations
Aminex is pleased to announce that all the conditions precedent within the control of Aminex and
· Aminex and ARA have signed a binding heads of terms, whereby ARA has agreed to provide a
· The Advance will be offset against the first tranche of the Cash Consideration payable to Aminex on Completion of the Farm-out;
· The second tranche of the Cash Consideration of
· The Long Stop Date for Completion of the Farm-Out has been extended to
· If Completion has not occurred by
"ARA is suitably encouraged by the ongoing discussions with the Tanzanian authorities to accelerate the planning and preparation for the spud of Chikumbi-1. Furthermore, these advanced payments demonstrate a commitment to this excellent asset, which when on production will play an important role in meeting domestic demand for gas from the people and businesses of
"We are encouraged by the ongoing discussions with the Tanzanian authorities to be able to accelerate the planning for the early spud of the Chikumbi-1 well, through the tendering of services, ordering of long lead items and securing a contract for a drilling rig. We are also happy to further demonstrate our commitment to the Ruvuma Farm-Out by bringing forward certain payments due to Aminex under the terms of the Farm-Out."
Unless otherwise defined herein, all capitalised terms used herein shall bear the same meaning as capitalised terms used in the shareholder circular of the Company dated
The information contained within this announcement is considered to be inside information prior to its release, as defined in Article 7 of the Market Abuse Regulation No. 596/2014, and is disclosed in accordance with the Company's obligations under Article 17 of those Regulations.
For further information:
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This information is provided by RNS, the news service of the
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