Solo Oil announces latest gas sales payment from TPDC

Solo Oil, the natural resources investment company announced in its latest update on Kiliwani North on Thursday, that it was informed by the operator of the field, Aminex, about a further payment made from Tanzania Petroleum Development Corporation.

The AIM-listed company focused on acquiring and developing a diverse global non-operated portfolio of strategic oil and gas assets, said it was pleased that TPDC made further payments for their Kiliwani gas sales and that it would continue to work with TDPC to bring payments up-to-date.

"We are pleased to see that TPDC have made a further payment for our Kiliwani gas sales and that Aminex continue to work with TPDC to bring payments up to date", said Neil Ritson, Solo's chairman.

Amnex had further informed that production from the Kiliwamni North 1 well continued to average 15 MMcf/d in 2017.

Management also said it looked forward to reporting results of the Ruvuma basin modelling study in early September, which they regarded as a significant step in optimising development of the Ntorya gas field.

Ritson commented:"the Ruvuma basin modelling study is an important step in optimising the development of the Ntorya gas field and Solo continues to work closely with Aminex on this project .. We look forward to being able to report the results of the study in the coming quarter."

Commenting on the company's update, Shore analyst Craig Howie said he was "encouraged" by news of the payment from TPDC and the timetable for basin modelling at Ruvuma and submission of the field development were in line with his expectations.

He kept his recently upgraded risked net asset value estimate for Solo at 0.9p a share.

As of 1123 BST shares of Solo were down by 4.05 to 0.24p.