Aminex sells stake in Tanzanian licence to Solo Oil

Oil and gas explorer Aminex is selling a 3.8% interest in the Kiliwani North Development licence in Tanzania to Solo Oil for $2.16m (£1.49m), the company announced on Thursday.

Solo’s stake in the licence will increase to 10% following the completion of the deal. Aminex will remain the majority owner with a 51.75% holding.

Solo had an option to acquire an additional 6.175% interest under a previous agreement with Aminex. The remaining entitlement under the option will expire following the transaction.