{"id":6516,"date":"2017-11-14T12:14:13","date_gmt":"2017-11-14T12:14:13","guid":{"rendered":"http:\/\/www.oilnewskenya.com\/?p=6516"},"modified":"2017-11-14T12:19:08","modified_gmt":"2017-11-14T12:19:08","slug":"solo-oil-secures-5-million-fund-tanzania-operations","status":"publish","type":"post","link":"https:\/\/www.oilnewskenya.com\/index.php\/solo-oil-secures-5-million-fund-tanzania-operations\/","title":{"rendered":"Solo Oil Secures $5 Million to Fund Tanzania, Horsehill Operations"},"content":{"rendered":"<p>Solo Oil\u00a0has entered into a Convertible Loan Agreement with institutional investors arranged by RiverFort Global Capital for a total maximum commitment of US$5 million.\u00a0 The Company has also drawn a first tranche of US$1.5 million, with subsequent drawings against the facility to be at the Company&#8217;s sole election.<\/p>\n<p>The First Tranche will be used to fund the Company&#8217;s share of forecasted activities within the Company&#8217;s investment portfolio, specifically:<\/p>\n<ul>\n<li>the final reconciled expenses for the <a href=\"http:\/\/bit.ly\/2oDJlmc\">Ntorya-2 well<\/a> and flow testing in Tanzania, in which Solo holds a 25% working interest,<\/li>\n<li>screening engineering studies for the planned Ntorya early production scheme and full field <a href=\"http:\/\/bit.ly\/2vKJwo0\">development<\/a>,<\/li>\n<li>a Competent Persons <a href=\"http:\/\/bit.ly\/2wGkLXF\">Report<\/a> for the estimated gross 1.34 trillion cubic feet (&#8220;tcf&#8221;) gas in place Ntorya accumulation,<\/li>\n<li>additional studies at the <a href=\"http:\/\/bit.ly\/2hfpnAF\">Kiliwani North<\/a> producing gas field, where Solo holds a 7.55% interest,<\/li>\n<li>upcoming long term well testing at the Horse Hill-1 oil discovery in the UK, in which Solo has a 10% participating interest in Horse Hill Development Limited,<\/li>\n<li><a href=\"http:\/\/bit.ly\/2zZ4NMs\">pre-drill technical<\/a> work within the Helium One Limited investment in which Solo holds a 10% interest by means of shares, and; general investment working capital needs over the next 6 months.<\/li>\n<\/ul>\n<p>According to Solo Oil chairman Niel Ritson the company is approaching a period of considerable activity which will require expenditure across all of the mature investments within its diverse portfolio.\u00a0 This expenditure he says will enhance the core underlying value of our portfolio through a range of exciting operational milestones.<\/p>\n<p>\u201cHaving undertaken a thorough review of the funding options available to Solo we have determined that this convertible loan facility is by far the most effective and least dilutive option for the Company and its shareholders.\u00a0 The facility conversion price is set at a 45% premium to the closing share price and the First Tranche provides us with the ability to cover our share of anticipated costs associated with the multiple activities that we forecast in the near future.\u00a0 \u00a0\u00a0As previously indicated, should we seek to raise significant operational funds, for example to drill additional wells in Ruvuma, we will open that funding round to existing shareholders to participate,\u201d he said.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Solo Oil\u00a0has entered into a Convertible Loan Agreement with institutional investors arranged by RiverFort Global Capital for a total maximum commitment of US$5 million.\u00a0 The Company has also drawn a &hellip; <a href=\"https:\/\/www.oilnewskenya.com\/index.php\/solo-oil-secures-5-million-fund-tanzania-operations\/\" class=\"more-link\">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":[5996,6566,1784,2207,2342],"class_list":["post-6516","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-top-news","tag-helium-one","tag-kiliwani","tag-ntorya","tag-ruvuma","tag-solo-oil","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-1H6","jetpack-related-posts":[{"id":5692,"url":"https:\/\/www.oilnewskenya.com\/index.php\/solo-oil-raises-2m-to-fund-tanzanias-ntorya-2-well-testing\/","url_meta":{"origin":6516,"position":0},"title":"Solo Oil raises \u00a32M to fund Tanzania&#8217;s Ntorya 2 well testing","author":"","date":"February 16, 2017","format":false,"excerpt":"Solo Oil has announced that the company has raised\u00a0\u00a32,000,000\u00a0(before expenses) through a Company sponsored placing. The net proceeds from the Placing will be used to fund the Company's share of the imminent well testing programme for the recently drilled Ntorya-2 appraisal in\u00a0Tanzania\u00a0and the analysis of future development options for the\u2026","rel":"","context":"In &quot;Top News&quot;","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":5162,"url":"https:\/\/www.oilnewskenya.com\/index.php\/solo-oil-raises-2m-to-fund-tanzanias-ntorya-2-appraisal-well\/","url_meta":{"origin":6516,"position":1},"title":"Solo Oil Raises \u00a32M to Fund Tanzania&#8217;s Ntorya-2 Appraisal well","author":"","date":"September 19, 2016","format":false,"excerpt":"Solo Oil has announced that it has raised\u00a0\u00a32,000,000\u00a0gross proceeds through the issue of 1,111,111,111 new ordinary shares in a Company sponsored placement to a single institutional investor, being Epsilon Pty to fund the Company's share of the Ntorya-2 well in\u00a0Tanzania\u00a0and settle all outstanding amounts due to YA Global Master SPV,\u2026","rel":"","context":"In &quot;Top News&quot;","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\/04\/Ntorya-123-location.png?fit=452%2C329&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":5717,"url":"https:\/\/www.oilnewskenya.com\/index.php\/production-testing-commences-at-ntorya-2-well-in-tanzania\/","url_meta":{"origin":6516,"position":2},"title":"Production Testing Commences at Ntorya-2 well in Tanzania","author":"","date":"February 27, 2017","format":false,"excerpt":"Ruvuma PSA Block operator Aminex has announced that production testing on the recently drilled Ntorya-2 appraisal well commenced over the weekend and gas is now flowing to surface. According to Aminex the well will be tested with a variety of flow rates and choke sizes to determine the optimal deliverability\u2026","rel":"","context":"In &quot;New Discoveries&quot;","block_context":{"text":"New Discoveries","link":"https:\/\/www.oilnewskenya.com\/index.php\/category\/new-discoveries\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/www.oilnewskenya.com\/wp-content\/uploads\/2016\/04\/Ntorya-123-location.png?fit=452%2C329&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":2829,"url":"https:\/\/www.oilnewskenya.com\/index.php\/solo-oil-2-million-share-placement-fund-uk-tanzania-investments\/","url_meta":{"origin":6516,"position":3},"title":"Solo Oil raises \u00a32 million through share placement to fund UK, Tanzania Investments","author":"","date":"April 21, 2015","format":false,"excerpt":"Solo Oil has raised \u00a32,000,000 gross proceeds through the issue of 363,636,364 new ordinary shares funds of which will be deployed as working capital in the Company's active investments in both Tanzania and the UK. According to Solo Oil chairman Neil Ritson the funds will be used to develop discoveries\u2026","rel":"","context":"In &quot;Top News&quot;","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":6141,"url":"https:\/\/www.oilnewskenya.com\/index.php\/aminex-awards-contract-for-commercialisation-study-of-tanzanias-ntorya-field\/","url_meta":{"origin":6516,"position":4},"title":"Aminex Awards Contract for Commercialisation Study of Tanzania\u2019s Ntorya Field","author":"","date":"July 10, 2017","format":false,"excerpt":"Ruvuma Production Sharing Agreement Operator Aminex has reported the appointment of io oil & gas consulting, a Baker Hughes, a GE Company,and McDermott joint venture, to prepare a gas commercialisation study to assist with the development of the Ntorya field in Tanzania. The study is designed to identify gas monetisation\u2026","rel":"","context":"In &quot;Top News&quot;","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\/04\/Ntorya-Gross-Thickness-Map.png?fit=375%2C443&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":5506,"url":"https:\/\/www.oilnewskenya.com\/index.php\/aminex-announces-spudding-of-ntorya-2-in-tanzania\/","url_meta":{"origin":6516,"position":5},"title":"Aminex Announces Spudding of Ntorya-2 in Tanzania","author":"","date":"December 22, 2016","format":false,"excerpt":"Aminex has announced that it has commenced drilling the Ntorya 2 appraisal well in the Ruvuma Basin, Tanzania. The well is being drilled to an estimated total depth of 2860 metres and is targeting the same channel complex as Ntorya 1 but further updip of the reservoir. \u201cWe are delighted\u2026","rel":"","context":"In &quot;Top News&quot;","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\/04\/Ntorya-123-location.png?fit=452%2C329&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]}],"jetpack_sharing_enabled":true,"jetpack_likes_enabled":true,"_links":{"self":[{"href":"https:\/\/www.oilnewskenya.com\/index.php\/wp-json\/wp\/v2\/posts\/6516","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=6516"}],"version-history":[{"count":3,"href":"https:\/\/www.oilnewskenya.com\/index.php\/wp-json\/wp\/v2\/posts\/6516\/revisions"}],"predecessor-version":[{"id":6519,"href":"https:\/\/www.oilnewskenya.com\/index.php\/wp-json\/wp\/v2\/posts\/6516\/revisions\/6519"}],"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=6516"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.oilnewskenya.com\/index.php\/wp-json\/wp\/v2\/categories?post=6516"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.oilnewskenya.com\/index.php\/wp-json\/wp\/v2\/tags?post=6516"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}