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.'
Meet Instem Plc Tower Resources Keywords Studios and Falcon Acquisitions at our event London 07 April 2016. Register here ' Share Facebook if (typeof urlShortener == 'undefined') { var urlShortener = { generate: function(){ $.get('/swift/tinyUrl?url=http%3A%2F%2Fwww.proactiveinvestors.co.uk%2Fcompanies%2Fstocktube%2F4854%2Fsolo-oil-plc-boss-talks-tanzania-gas-potential-4854.html' function( url ) { $('.twitter.tweet').attr('onclick' 'popUp = window.open(\'https://twitter.com/intent/tweet?url=' + url + '&text=%23SOLO+Solo+Oil+PLC+boss+talks+Tanzania+gas+potential+-+%40NeilRitson+%40solooilgas+%40Cassiopeia_ltd&via=proactive_uk\' \'popupwindow\' \'scrollbars=yeswidth=800height=400\');popUp.focus();return false'); }); } } urlShortener.generate(); } Twitter Legal Disclaimer:
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