Solo Oil Opts Out of Immediate Option to Extend KNDL Equity

Solo Oil has informed Aminex plc, the operator of the Tanzanian Kiliwani North Development Licence (KNDL), that it does not intend to exercise its immediate option over a further 1.25 percent interest in the KNDL.

The option is now available to Solo having received first revenue from gas sales in mid-August. Solo continues to hold a further option over an additional 1.575 percent in the producing Kiliwani North field as announced April 4, and the company revealed that it will determine its investment in that tranche in due course.  

Solo currently holds a 7.175 percent interest in the KNDL which contains the producing Kiliwani North-1 well.  If the company elects to take the final option its total interest in the KNDL will rise to 8.75 percent. 

"We are very pleased with the progress being made at Kiliwani North now that the Songo Songo Island gas processing plant has been fully commissioned and we expect to see further production and gas sales news in the next few weeks,” said Solo Chairman Neil Ritson.

“Kiliwani North is an important project for us as it represents our first revenue from Tanzania, however, Solo has elected to focus its immediate investment on the larger potential at Ntorya, where appraisal drilling of will shortly be underway."

Solo holds a 25 percent interest in the Ruvuma Production Sharing Contract area in Tanzania which contains the Ntorya-1 gas condensate discovery well.



Have a news tip? Share it with Rigzone!
Email news@rigzone.com

WHAT DO YOU THINK?

Click on the button below to add a comment.
Post a Comment
Generated by readers, the comments included herein do not reflect the views and opinions of Rigzone. All comments are subject to editorial review. Off-topic, inappropriate or insulting comments will be removed.

Related Companies
Events  SUBSCRIBE TO OUR NEWSLETTER

Our Privacy Pledge
SUBSCRIBE

More from this Author
Rigzone Staff
e-mail us at news@rigzone.com
 -  Sparrows Group Teams in Australia to D... (Mar 28)
 -  INPEX to Reorganize Natural Gas Busine... (Mar 28)
 -  Scottish Offshore Service Provider Pra... (Mar 28)
 -  Canada First Nation Makes History with... (Mar 28)
 -  GLA is 'Single Accumulation', Largest ... (Mar 27)


Most Popular Articles

From the Career Center
Jobs that may interest you
Sales Manager - Safety Relief Valves
Expertise: Business Development|Sales
Location: Houston, TX
 
Staff Auditor 2
Expertise: Business Analyst|Risk Management
Location: TX
 
United States Conroe: Product Champion
Expertise: Business Development|Marketing|Sales
Location: Conroe, TX
 
search for more jobs

Brent Crude Oil : $50.75/BBL 0.09%
Light Crude Oil : $47.73/BBL 0.50%
Natural Gas : $3.05/MMBtu 0.97%
Updated in last 24 hours