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Thursday, September 8, 2016
Solo Oil has decided not to exercise its immediate option over a further 1.25% in the Kiliwani North Development License (KNDL) in Tanzania at this time and has informed the operator, Aminex, of its decision.
The immediate option to increase its stake became available to Solo after it received its first revenues from the sale of the KNDL’s natural gas production in mid-August.
Solo said it continues to hold a further option over an additional 1.575% in the producing Kiliwani North field and it will determine its investment in that tranche in due course.
Solo presently holds a 7.175% interest in the KNDL which contains the producing Kiliwani North-1 well. If the company elects to take the final option its total interest in the KNDL will rise to 8.75%.
The company also holds a 25% interest in the Ruvuma PSC area in Tanzania which contains the Ntorya-1 gas condensate discovery well.
Neil Ritson, Solo’s Chairman, commented “We are very pleased with the progress being made at Kiliwani North now that the Songo Songo Island gas processing plant has been fully commissioned and we expect to see further production and gas sales news in the next few weeks. Kiliwani North is an important project for us as it represents our first revenue from Tanzania, however, Solo has elected to focus its immediate investment on the larger potential at Ntorya, where appraisal drilling of will shortly be underway.”
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