It noted, in a stock market statement, that the long-stop date for its farm-out to ARA Petroleum has been extended to 31 October.
ARA agreed to acquire a 50% interest in Ruvuma from Aminex and it will cover certain projects for the London listed group.
The company said that the ongoing country-wide review of all oil and gas companies' production sharing agreements continues to be the cause of delay.
Operationally, the company has completed the reprocessing of certain pieces of 2D seismic data across the Kiliwani North Development Licence, meanwhile, it has been reducing costs. Monthly admin expenses are down around 34% from the levels seen last year.
"We have cut costs to appropriate levels and we are awaiting Tanzanian Government approval to move forward with the Ruvuma farm-out to ARA Petroleum of Oman, which upon completion will deliver a $5m cash inflow and a $35 million carry through the further appraisal and development of the Ntorya gas-field. In the meantime, progress is being made at Kiliwani," said chairman John Bell.
Focusing first on Kiliwani North Alastair Ferguson, Solo’s executive chairman, said: “We are wholly supportive of the operator's proposed work programme that aims to move the JV closer to re-establishing production from the field, whilst also gaining important reservoir data that can be used for future field development.
“The company believes there is good upside potential to be realised from this asset and we look forward to reviewing the final data alongside the operator.
“Solo's growth strategy is predicated on establishing sustainable cash flow and we therefore look forward to seeing production from Kiliwani North-1 back on line in due course.”
Ferguson added: "We also remain committed to realising the value of our interest in Ruvuma, but the current situation continues to reaffirm that the board have taken the right strategic decision to diversify the business in terms of geography and asset type, and take greater control over our future."