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Ruvuma Joint Statement with AMINEX PLC

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RNS Number : 8846S
Solo Oil Plc
11 November 2019
 

THIS ANNOUNCEMENT AND THE INFORMATION CONTAINED HEREIN IS RESTRICTED AND IS NOT FOR RELEASE, PUBLICATION OR DISTRIBUTION, IN WHOLE OR IN PART, DIRECTLY OR INDIRECTLY, IN, INTO OF FROM THE UNITED STATES, AUSTRALIA, CANADA, JAPAN, SOUTH AFRICA OR ANY OTHER JURISDICTION IN WHICH SUCH RELEASE, PUBLICATION OR DISTRIBUTION WOULD BE UNLAWFUL

 

11 November 2019

Solo Oil plc

("Solo" or "the Company") 


Ruvuma Joint Statement with AMINEX PLC

Solo (AIM: SOLO), a gas-focused production and development company targeting attractive growth opportunities within the European gas market, hereby issues a joint statement with AMINEX PLC to clarify the situation regarding the firm and contingent budgets designed to fulfil remaining work commitments and to progress development of the Ntorya gas field (which sits within the Ruvuma PSA), which were approved by all partners at an operating committee meeting on 24 September 2019.

 

Both parties are encouraged by recent positive movements within Tanzania in relation to the progression of licence activity and are keen to move matters forward for the benefit of all stakeholders.

 

The joint venture partners have agreed the following 2020 Work Programme and Budget which remains subject to approval by the relevant Tanzanian authorities.

 

The firm approved budget for 2020 is US$1.447 million (gross), principally relating to licence maintenance and planning activity.

 

The contingent budget for 2020, which would be subject to confirmation by the joint venture partners in accordance with the Ruvuma joint operating agreement prior to being committed, is US$41.425 million (gross) and relates primarily to the drilling of Chikumbi-1 and the acquisition of extensive 3D and 2D seismic surveys. These budget elements are contingent, inter alia, on the Mtwara licence extension for the drilling of the Chikumbi-1 well and the granting of the Ntorya development licence for the seismic programmes.

 

Both parties are keen to expedite progress on the licence and will consider committing to accelerating certain preparatory works in a pro-active manner at the appropriate time.

 

 

For further information:

 

Solo Oil plc

Alastair Ferguson, Chairman

Tom Reynolds, Chief Executive Officer

Douglas Rycroft, Chief Operating Officer

 

+44 (0) 20 7440 0642

 

 

 

Strand Hanson Limited

Nominated Adviser

James Spinney / Ritchie Balmer / Rory Murphy

 

+44 (0) 20 7409 3494

 

Gneiss Energy Limited

Financial Adviser

Paul Weidman

 

Peel Hunt LLP

Richard Crichton / James Bavister / John Gilbert

 

Canaccord Genuity Limited

Henry Fitzgerald-O'Connor / Adam James

 

Buchanan

Financial PR

Ben Romney / Chris Judd / Kelsey Traynor /         James Husband

 

+44 (0) 131 225 3783

 

 

 

+44 (0) 20 7418 8900

 

 

+44 (0) 20 7523 8000

 

 

+44 (0) 20 7466 5000

[email protected]

 

This announcement contains inside information for the purposes of Article 7 of the Market Abuse Regulation 596/2014.

 


This information is provided by RNS, the news service of the London Stock Exchange. RNS is approved by the Financial Conduct Authority to act as a Primary Information Provider in the United Kingdom. Terms and conditions relating to the use and distribution of this information may apply. For further information, please contact [email protected] or visit www.rns.com.
 
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