Petroleum Africa
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Monday, August 22, 2016
Solo Oil reported that it was informed by its partner, Aminex (operator), that the first payment for gas produced from the Kiliwani North-1 (KN-1) well has been received.
The payment was for the gas produced at the KN-1 during April and May and supplied to state-run TPDC.
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. While 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 Mmcf/d and Solo’s current interest these payments equate to approx. $150,000 per month.”
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