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Solo Oil hails "positive movements" in Tanzania resources sector

Partners on the Ruvuma Basin project are preparing for pre-drilling operations for the Chikumbi-1 well

Solo Oil PLC - Tanzania
The project is located in southern Tanzania within the highly prolific Ruvuma Basin

Solo Oil PLC (LON:SOLO), which has a 25% stake in the oil and gas output from the Ruvuma project in Tanzania, hailed the news from the project's Aminex earlier on Tuesday as "clearly a positive update" for all partners on the project.

Seeing "positive movements" in Tanzania with the government actively resolving several long-standing issues with other operators in the country, Aminex said such developments bode well for Rovuma and allows it and its project partners to prepare to further advance pre-drilling operations for the Chikumbi-1 well.

Aminex and ARA, another partner on the project, will advance works so that drilling of the well can begin "as soon as practicable" once the Mtwara licence extension has been granted and the government has approved the transfer of interest and operatorship.

Alastair Ferguson, Solo's executive chairman, said: "The positive movements in Tanzania referenced by Aminex and ARA enhance our confidence that the development licence extension will be forthcoming, enabling the JV partners to recommence operational activity on the licence in the form of the much anticipated Chikumbi-1 well for which we are fully funded."

Solo shares finished up 7% at 1.74p on Tuesday.

Quick facts: Solo Oil PLC

Price: 1.3 GBX

Market: AIM
Market Cap: £8.42 m

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