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Solo Oil “encouraged” as Aminex reports Tanzania positivity

“We look forward to updating shareholders as we move to realise the core value of our Tanzanian assets alongside our partners," said Solo chief Tom Reynolds.

Solo Oil PLC - Solo Oil “encouraged” as Aminex reports Tanzania positivity

Solo Oil PLC (LON:SOLO) chief executive Tom Reynolds said the AIM-quoted investment firm is “encouraged” by Tuesday’s update from Tanzania partner Aminex PLC (LON:AEX).

Aminex, in a separate statement, earlier today told investors that alongside partner APT it is teeing up their operations in Tanzania in anticipation of the ‘greenlight’ from regulatory authorities.

It highlighted that there are “positive indications” that Tanzania is re-engaging with the international business community, after a period of reduced corporate engagement, in order to  support the country's power demands.

Aminex chief executive Tom Mackay said: "While we continue to engage in constructive dialogue, Aminex and APT are working diligently to progress workflows such that when the approvals are given, we can quickly move into an operational phase and deliver first gas from Ntorya and begin remediation work on Kiliwani.”

READ: Aminex teeing up operations ahead of Tanzania ‘greenlight’

“As of yet, no formal update has been received from the Government of Tanzania in regards to our licences, however we have had positive indications in-country that the government is approaching a place where it can update the international oil companies.”

Specifically, Aminex told investors that the joint venture partners will look to move contingent elements of the 2020 work programme into the firm budget. The Ntorya project has now progressed so that it can move to order long lead items, once there’s approval of the tendering and procurement process.

Solo retains a 25% beneficial interest in the Ruvuma PSA, which is host to Ntorya, and it has an 8.3918% interest in Aminex’s Kiliwani North-1 well.

Tom Reynolds, in Solo’s statement, said: “While this is no affirmative feedback from the Government of Tanzania, we are encouraged to see some positive developments as well as some progress between Aminex and APT.

“As announced towards the end of last year, our Tanzanian strategy is focused on high quality assets and stable cash flow, and we expect these discussions will further increase the likelihood of developing our assets to production.

“We look forward to updating shareholders as we move to realise the core value of our Tanzanian assets alongside our partners."

Quick facts: Solo Oil PLC

Price: 1.04 GBX

Market: AIM
Market Cap: £6.73 m

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