Solo Oil Plc Kiliwani North Development Licence Acquisition (7749F)

TIDMSOLO

RNS Number : 7749F

Solo Oil Plc

25 February 2015

FOR IMMEDIATE RELEASE, 7 am 25 February 2015

SOLO OIL PLC

("Solo" or the "Company")

Kiliwani North Development Licence Acquisition

Formal approval now received from the Tanzanian Authorities

Solo is pleased to confirm that formal approval has been received from the Tanzanian Authorities for the Company to acquire up to a 13% interest in Kiliwani North Development Licence ("KNDL") from Aminex plc. There now remains no further conditions precedent to the previously announced acquisition of a 6.5% interest in the KNDL for US$3.5 million and the transaction has been completed. Solo also retains the right to purchase an additional 6.5% in the KNDL on the same terms up to 30 days after the signing of the Gas Sales Agreement.

Neil Ritson, Solo's Chairman, commented:

"We are pleased that the administrative formalities continue to be progressed effectively; since the physical sale of gas from Kiliwani North into the Songo Songo plant and then into the pipeline to Dar es Salaam gets ever closer. We look forward to further news and our first revenue from Tanzania in the coming months."

As previously announced Solo will now become a party to the KNDL Joint Operating Agreement and a named party to the Gas Sales Agreement, which is still expected to be signed shortly.

For further information:

 
 Solo Oil plc 
  Neil Ritson 
  Fergus Jenkins             [phone] 
 
 Beaumont Cornish Limited 
  Nominated Adviser and 
  Joint Broker 
  Roland Cornish             [phone] 
 
 Old Park Lane Capital 
  Plc 
  Joint Broker 
  Charles Laughton 
  Zoe Alexander 
  Shore Capital 
  Joint Broker 
  Pascal Keane 
  Jerry Keen (Corporate 
  Broker) 
  Bell Pottinger             [phone] 
  Public Relations            [phone] 
  Henry Lerwill               [phone] 
 

This information is provided by RNS

The company news service from the London Stock Exchange

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