Solo has announced that an Addendum to the Ruvuma Production Sharing Agreement has been signed with the Minister of Energy and Mines for the Ruvuma onshore Petroleum Sharing Agreement (“PSA”) in Tanzania.
The Addendum allows for the remaining obligations under the First Extension Period to be completed in the Second Extension Period. The amended agreement requires that four wells are drilled by the end of 2016.
“The formal agreement on the extension of the PSA gives the partners the necessary confidence to accelerate the ongoing seismic operations at Ntorya and in the wider PSA. Solo believes that once additional seismic data has been collected and well locations selected the potential for a worthwhile farm-out will be greatly enhanced.” Said Solo Executive Director, Neil Ritson.
An update on the progress of the seismic survey will be issued when available.
Participants in the Ruvuma PSA are currently; Ndovu Resources Ltd (Aminex) 75% (operator) and Solo Oil Plc 25%.