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April 1, 2015

Solo Oil on-track for first gas at Kiliwani North by mid-2015

Solo Oil (LON:SOLO) and Aminex (LON:AEX) told investors that the Kiliwani North project is on track for first commercial gas, now that the regional gas pipeline has been completed.


State run Tanzanian Petroleum Development Corporation (TPDC) will now conduct testing on the pipeline.


TPDC is also constructing a gas processing plant nearby on Songo Songo Island, and that project is said to be 95% complete.


The start of gas production is currently anticipated to begin late in the first half of 2015, while stabilised production rates will follow during the third quarter.


"The project remains on track for first commercial sales in the mid-year and once the gas sales agreement comes into force we will consider our option to double our interest in the project from 6.5% to 13%," said chairman Neil Ritson.


Solo acquire its initial interest in Kiliwani North from Aminex in February and as part of the deal it was given the option to increase the stake to 13% by paying a further US$3.5mln.


The two companies also work together on the Ntorya discovery, which is also in Tanzania.



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