Solo Oil PLC (LON:SOLO) increased its exposure to the Kiliwani North gas development onshore in Tanzania with the purchase of a 3.825% stake from peer Aminex PLC(LON:AEX).
Solo will pay US$567000 for 1% is upfront US$708000 for 1.25% on first revenues from Kiliwani and US$892000 for the remaining 1.575% when commercial production is declared.
On completion the deal will increase Solo's stake in the project to 10% and Neil Ritson chairman tells Proactive that upcoming production will be 'a watershed for us'.
The start of production triggers payments to Solo and the boss says: 'It's revenue it's our first production revenue from the investments we have made in Tanzania but it's part of a bigger growth story both for Tanzania and for us and Aminex as we commercialise the various discoveries we've made.'
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