Petroleum Africa
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Sunday, February 19, 2017
Solo Oil raised £2,000,000 (before expenses) through a company sponsored placing of 400,000,000 new ordinary shares of 0.01p at a price of 0.50p per Placing Share representing approx. 5.7% of the issued share capital prior to Admission of the Placing Shares.
The net proceeds from the Placing will be used to fund Solo’s share of the imminent well testing program for the recently drilled Ntorya-2 appraisal well in Tanzania and the analysis of future development options for the Ntorya discovery, where Aminex is the operator.
Solo holds a 25% working interest in the Ruvuma Petroleum Sharing Agreement and in the Ntorya gas and condensate discovery.
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