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Share Name | Share Symbol | Market | Type | Share ISIN | Share Description |
---|---|---|---|---|---|
Scirocco Energy Plc | LSE:SCIR | London | Ordinary Share | GB00BF1BK408 | ORD 0.20P |
Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|---|---|
0.00 | 0.00% | 0.25 | 0.20 | 0.30 | 0.00 | 01:00:00 |
Industry Sector | Turnover | Profit | EPS - Basic | PE Ratio | Market Cap |
---|---|---|---|---|---|
Oil And Gas Field Expl Svcs | 135k | -4.82M | -0.0053 | -0.47 | 2.25M |
TIDMSOLO
RNS Number : 4835H
Solo Oil Plc
18 August 2016
FOR IMMEDIATE RELEASE, 7:00 am 18 August 2016
SOLO OIL PLC
("Solo" or the "Company")
Kiliwani North First Payments Received
Solo is pleased to announce that it has been informed by Aminex PLC, operator of the Kiliwani North Field, that payment has now been received for its first invoice in relation to gas produced from the Kiliwani North-1 well in Tanzania during April and May and supplied to the Tanzania Petroleum Development Corporation ("TPDC").
Payment was made in US$ and in accordance with the Company's Gas Sales Agreement ("GSA") with TPDC. The Company continues to work with TPDC during the current testing period to achieve an optimal rate and during this phase is being paid for all gas produced.
Neil Ritson, Solo's Chairman commented:
"Solo is delighted that the first payment for gas from the Kiliwani North field has been made with minimal delay. Whilst the first payment is quite small, reflecting initial commissioning rates, we are pleased that an income stream has now commenced. Future payments will be larger and create an underlying cash flow from operations that will support Solo's ongoing investments. At a production rate of 25 million cubic feet per day and Solo's current interest these payments equate to approximately US$150,000 per month."
Qualified Person's Statement:
The information contained in this announcement has been reviewed and approved by Neil Ritson, Chairman and Director of Solo Oil plc who has over 38 years of relevant experience in the energy sector. Mr. Ritson is a member of the Society of Petroleum Engineers, an Active Member of the American Association of Petroleum Geologists and is a Fellow of the Geological Society of London.
For further information:
Solo Oil plc Neil Ritson Daniel Maling +44 (0) 20 3794 9230 Beaumont Cornish Limited Nominated Adviser and Joint Broker Roland Cornish +44 (0) 20 7628 3396 Shore Capital Joint Broker Pascal Keane Jerry Keen (Corporate Broker) Bell Pottinger Public Relations Henry Lerwill Cassiopeia Services LLP +44 (0) 20 7408 4090 Investor Relations +44 (0) 20 3772 2500 Stefania Barbaglio +44 (0) 79 4969 0338
This information is provided by RNS
The company news service from the London Stock Exchange
END
MSCPRMFTMBJBBRF
(END) Dow Jones Newswires
August 18, 2016 02:00 ET (06:00 GMT)
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