Solo Oil has announced that the company has raised £2,000,000 (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 Tanzania and the analysis of future development options for the Ntorya discovery, where Aminex plc is the operator.
“The Company is looking forward to the flow test results from the Ntorya-2 gas discovery in the coming weeks. Following the flow testing the joint venture partners will define the forward development programme for the Ntorya discovery and are expecting to apply for a 25-year development licence,” says non-executive chairman Neil Ritson.
Solo holds a 25% working interest in the Ruvuma Petroleum Sharing Agreement and in the Ntorya gas and condensate discovery.