additional<\/a> interest in the now producing Kiliwani North Field, in particular the acquisition of the Second Tranche payment as announced on 4 April 2016.<\/p>\n“With the Kiliwani North-1 well now flowing gas into the Songo Songo gas processing plant this is an ideal time for Solo to accelerate its ownership of the project and participate in the growth of revenues from gas sales. This is a very exciting time for the Company as we reach first material production and revenue,” says Solo’s Chairman Neil Ritson.<\/p>\n
This will take Solo’s working interest in the Kiliwani North Development Licence to 8.425%.<\/p>\n
The final payment of the intended acquisition at Kiliwani North, taking the Company’s ownership to 10%, will be completed when the commissioning phase ends and gas production is managed under the long-term take-or-pay provisions of the Gas Sales Agreement with the Tanzanian Petroleum Development Corporation.<\/p>\n
Net revenue from the Kiliwani North Development Licence, which commenced gas production earlier this week, is expected to ramp up to\u00a0US$2\u00a0– 2.5 million per annum net to Solo’s interests following the commissioning phase which is anticipated to last from 90 to 100 days.<\/p>\n
On completion of the payments envisaged by the\u00a0SPA\u00a0Aminex will hold 51.75% and Solo will hold 10%.Other participants include: RAK Gas LLC 23.75Bounty Oil & Gas NL 9.5% and TPDC 5%.<\/p>\n","protected":false},"excerpt":{"rendered":"
Solo Oil has announced that it has raised\u00a0\u00a3800,000\u00a0(approx. $1.13M) gross proceeds in a Company sponsored placement to be deployed in the Company’s active investments in\u00a0Tanzania. The proceeds according to Solo … Read More<\/a><\/p>\n","protected":false},"author":24,"featured_media":1819,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_jetpack_newsletter_access":"","_jetpack_dont_email_post_to_subs":false,"_jetpack_newsletter_tier_id":0,"_jetpack_memberships_contains_paywalled_content":false,"_jetpack_feature_clip_id":0,"_jetpack_memberships_contains_paid_content":false,"footnotes":"","jetpack_publicize_message":"","jetpack_publicize_feature_enabled":true,"jetpack_social_post_already_shared":true,"jetpack_social_options":{"image_generator_settings":{"template":"highway","default_image_id":0,"font":"","enabled":false},"version":2},"jetpack_post_was_ever_published":false},"categories":[11],"tags":[137,3675,1322,1323,4315,3674,2342,2543],"class_list":["post-4553","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-top-news","tag-aminex","tag-bounty-oil-gas-nl","tag-kiliwani-north-development-licence","tag-kiliwani-north-field","tag-kiliwani-north-well","tag-rak-gas-llc","tag-solo-oil","tag-tpdc","entry"],"jetpack_publicize_connections":[],"jetpack_featured_media_url":"https:\/\/i0.wp.com\/www.oilnewskenya.com\/wp-content\/uploads\/2014\/09\/solo-oil.jpg?fit=320%2C320&ssl=1","jetpack_shortlink":"https:\/\/wp.me\/p5JWkQ-1br","jetpack-related-posts":[{"id":5130,"url":"https:\/\/www.oilnewskenya.com\/index.php\/solo-oil-opts-not-to-increase-interests-in-kiliwani-north-tanzania\/","url_meta":{"origin":4553,"position":0},"title":"Solo Oil Opts Not To Increase Interests in Kiliwani North, Tanzania","author":"","date":"September 7, 2016","format":false,"excerpt":"Solo Oil has announced that it has informed Aminex plc, the operator of the Kiliwani North Development Licence it does not intend to exercise its immediate option over a further 1.25% interest in the KNDL, which is now available to Solo having received first revenue from gas sales in mid-August.\u2026","rel":"","context":"In "Top News"","block_context":{"text":"Top News","link":"https:\/\/www.oilnewskenya.com\/index.php\/category\/top-news\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/www.oilnewskenya.com\/wp-content\/uploads\/2016\/07\/kiliwani-north-well.png?fit=525%2C519&ssl=1&resize=350%2C200","width":350,"height":200,"srcset":"https:\/\/i0.wp.com\/www.oilnewskenya.com\/wp-content\/uploads\/2016\/07\/kiliwani-north-well.png?fit=525%2C519&ssl=1&resize=350%2C200 1x, https:\/\/i0.wp.com\/www.oilnewskenya.com\/wp-content\/uploads\/2016\/07\/kiliwani-north-well.png?fit=525%2C519&ssl=1&resize=525%2C300 1.5x"},"classes":[]},{"id":4343,"url":"https:\/\/www.oilnewskenya.com\/index.php\/solo-oil-invests-additional-equity-in-kiliwani-north-tanzania\/","url_meta":{"origin":4553,"position":1},"title":"Solo Oil Invests Additional Equity in Kiliwani North, Tanzania","author":"","date":"February 11, 2016","format":false,"excerpt":"Solo Oil has announced that it has acquired a further interest in the Kiliwani North Development Licence from concession operator Aminex to reach 10% from the current 6.175% interest in the KNDL where the Kiliwani North-1 well is located and will pay Aminex US$2.16 million. The increase in ownership follows\u2026","rel":"","context":"In "Top News"","block_context":{"text":"Top News","link":"https:\/\/www.oilnewskenya.com\/index.php\/category\/top-news\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/www.oilnewskenya.com\/wp-content\/uploads\/2014\/09\/solo-oil.jpg?fit=320%2C320&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":4551,"url":"https:\/\/www.oilnewskenya.com\/index.php\/gas-production-commences-at-tanzanias-kiliwani-north-gas-field\/","url_meta":{"origin":4553,"position":2},"title":"Gas Production Commences at Tanzania’s Kiliwani North Gas Field","author":"","date":"April 6, 2016","format":false,"excerpt":"Operator at the the Kiliwani North Development Licence\u00a0 Aminex has announced gas production from its\u00a0Kiliwani North gas field\u2019s Kiliwani North-1 well ('KN-1') \u00a0in Tanzania has commenced on schedule as had earlier been announced. According to Aminex production is expected to build up to an anticipated production rate of 25-30 mmcfd\u2026","rel":"","context":"In "Top News"","block_context":{"text":"Top News","link":"https:\/\/www.oilnewskenya.com\/index.php\/category\/top-news\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/www.oilnewskenya.com\/wp-content\/uploads\/2014\/10\/kiliwani-north.jpg?fit=498%2C565&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":2194,"url":"https:\/\/www.oilnewskenya.com\/index.php\/tanzanian-government-gives-go-ahead-to-aminex-for-sale-of-kiliwani-north-development-licence\/","url_meta":{"origin":4553,"position":3},"title":"Tanzanian Government gives go ahead to Aminex for sale of Kiliwani North Development Licence","author":"Samuel Kamau Mbote","date":"December 17, 2014","format":false,"excerpt":"[twitter-follow screen_name='oilnewskenya'] Aminex has notified shareholders that it has received confirmation from the Tanzanian Ministry of Energy and Minerals that the Minister has no objection to the proposed transfer of assignment for the sale to Solo of up to 13% of in the Kiliwani North Development Licence (\u2018KNDL\u2019) in Tanzania\u2026","rel":"","context":"In "Top News"","block_context":{"text":"Top News","link":"https:\/\/www.oilnewskenya.com\/index.php\/category\/top-news\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/www.oilnewskenya.com\/wp-content\/uploads\/2014\/10\/kiliwani-north.jpg?fit=498%2C565&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":2416,"url":"https:\/\/www.oilnewskenya.com\/index.php\/export-pipeline-from-songo-songo-processing-plant-to-kn-1-gas-well-complete\/","url_meta":{"origin":4553,"position":4},"title":"Export pipeline from Songo Songo processing plant to KN-1 gas well complete","author":"Samuel Kamau Mbote","date":"February 6, 2015","format":false,"excerpt":"Aminex plc the operator of the Kiliwani North gas field in Tanzania's Kiliwani North Development Licence, has advised the partners that the newly constructed gas export pipeline from the Songo Songo processing plant to the KN-1 gas well has been completed to within approximately 20 metres from the KN-1 production\u2026","rel":"","context":"In "Top News"","block_context":{"text":"Top News","link":"https:\/\/www.oilnewskenya.com\/index.php\/category\/top-news\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/www.oilnewskenya.com\/wp-content\/uploads\/2014\/08\/songo-songo2.png?fit=465%2C546&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":4802,"url":"https:\/\/www.oilnewskenya.com\/index.php\/tanzanias-kiliwani-north-well-reaches-30-mmcf-per-day-during-commissioning\/","url_meta":{"origin":4553,"position":5},"title":"Tanzania\u2019s Kiliwani North well reaches 30 mmcf per day during commissioning","author":"","date":"July 4, 2016","format":false,"excerpt":"Aminex has announced that over the weekend, gas production from the Kiliwani North-1 well in Tanzania reached 30 mmcf per day (approximately 5,000 barrels of oil equivalent per day) with stable pressure recordings at that rate. Aminex adds that the commissioning process is expected to be concluded with the testing\u2026","rel":"","context":"In "Top News"","block_context":{"text":"Top News","link":"https:\/\/www.oilnewskenya.com\/index.php\/category\/top-news\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/www.oilnewskenya.com\/wp-content\/uploads\/2016\/07\/kiliwani-north-well.png?fit=525%2C519&ssl=1&resize=350%2C200","width":350,"height":200,"srcset":"https:\/\/i0.wp.com\/www.oilnewskenya.com\/wp-content\/uploads\/2016\/07\/kiliwani-north-well.png?fit=525%2C519&ssl=1&resize=350%2C200 1x, https:\/\/i0.wp.com\/www.oilnewskenya.com\/wp-content\/uploads\/2016\/07\/kiliwani-north-well.png?fit=525%2C519&ssl=1&resize=525%2C300 1.5x"},"classes":[]}],"jetpack_sharing_enabled":true,"jetpack_likes_enabled":true,"_links":{"self":[{"href":"https:\/\/www.oilnewskenya.com\/index.php\/wp-json\/wp\/v2\/posts\/4553","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.oilnewskenya.com\/index.php\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.oilnewskenya.com\/index.php\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.oilnewskenya.com\/index.php\/wp-json\/wp\/v2\/users\/24"}],"replies":[{"embeddable":true,"href":"https:\/\/www.oilnewskenya.com\/index.php\/wp-json\/wp\/v2\/comments?post=4553"}],"version-history":[{"count":2,"href":"https:\/\/www.oilnewskenya.com\/index.php\/wp-json\/wp\/v2\/posts\/4553\/revisions"}],"predecessor-version":[{"id":4555,"href":"https:\/\/www.oilnewskenya.com\/index.php\/wp-json\/wp\/v2\/posts\/4553\/revisions\/4555"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.oilnewskenya.com\/index.php\/wp-json\/wp\/v2\/media\/1819"}],"wp:attachment":[{"href":"https:\/\/www.oilnewskenya.com\/index.php\/wp-json\/wp\/v2\/media?parent=4553"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.oilnewskenya.com\/index.php\/wp-json\/wp\/v2\/categories?post=4553"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.oilnewskenya.com\/index.php\/wp-json\/wp\/v2\/tags?post=4553"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}