Petroleum Africa
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Friday, April 8, 2016
Solo Oil raised £800,000 gross proceeds through the issue of 320,000,000 new ordinary shares of 0.01 pence each at a price of 0.25 pence per share in a company sponsored placement. Solo plans to use the funds from the placing to allow it accelerate its ownership of the additional interest in the now producing Kiliwani North Field, in particular the acquisition of the Second Tranche payment as announced on April 4.
This will take Solo’s working interest in the Kiliwani North Development License to 8.425%.
The final payment of the intended acquisition at Kiliwani North, taking the company’s ownership to 10%, will be completed when the commissioning phase ends and gas production is managed under the long-term take-or-pay provisions of the Gas Sales Agreement with the Tanzanian Petroleum Development Corp.
Net revenue from the Kiliwani North Development License, which commenced gas production earlier this week, is expected to ramp up to $2-2.5 million per annum net to Solo’s interests following the commissioning phase which is anticipated to last from 90 to 100 days.
Neil Ritson, Solo’s Chairman, commented, “With the Kiliwani North-1 well now flowing gas into the Songo Songo gas processing plant this is an ideal time for Solo to accelerate its ownership of the project and participate in the growth of revenues from gas sales. This is a very exciting time for the company as we reach first material production and revenue.”
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