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Solo Oil: Helium One raises US$2mln pre-IPO money ahead of Tanzania drilling

"Helium One is now moving rapidly towards drilling of the exciting Rukwa Basin natural helium play and is fully funded to prepare for that work," said Neil Ritson

oil and gas operations
Solo's stake in Helium One is now valued at £2.84mln

Solo Oil PLC’s (LON:SOLO) part owned Tanzania specialist gas business Helium One has raised US$2mln in a pre-IPO funding round.

The capital injection was supported by investors from Australia, Asia and Africa.

Following the equity issue the AIM quoted firm will retain a 13.8% interest in Helium One, and, the funding round sets a valuation of £2.84mln for Solo’s stake (compared to a March 2017 acquisition cost of £2.55mln).

READ: Solo Oil boss “pleased” with Aminex progress

It is anticipated that Helium One will advance to a stock market float with an IPO anticipated alongside key drilling milestones later this year.

Presently, talks are taking place with drill contract over planned operations.

"Helium One is now moving rapidly towards drilling of the exciting Rukwa Basin natural helium play and is fully funded to prepare for that work, which could be underway in late 2018,” said Neil Ritson, Solo Oil chairman.

“Through our technical service agreement, and close engagement with the Helium One Board, Solo has played a key role in helping to progress to this point. 

“The helium prospects of the Rukwa Basin are some of the largest and best defined natural helium prospects so far identified globally and we l look forward to significant further progress in the next few months."

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