Scandinavian Oil-Gas Magazine
http://www.scandoil.com/moxie-bm2/by_province/africa/solo-oil-signs-asset-purchase-agreement-with-amine.shtmlSolo Oil signs asset purchase agreement with Aminex
Solo has now signed the Asset Purchase Agreement with Aminex plc for the first 6.5% interest in the Kiliwani North Development
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Solo has now signed the Asset Purchase Agreement with Aminex plc for the first 6.5% interest in the Kiliwani North Development Licence at a total consideration of US$3,500,000.
Further, Solo and Aminex have agreed to amend the terms of the original heads of agreement to allow Solo the option to purchase the additional 6.5% interest, on the same terms as the first 6.5% interest in the KNDL, during a period of 30 days after the Gas Sales Agreement has been approved by the Tanzanian Authorities.
Kiliwani North Development Licence, Tanzania
The KNDL contains the Kiliwani North 1 well, which Aminex and Solo expects to produce at approximately 20 million feet per day in early 2015. Once producing this will represent a major milestone, providing first revenues from Tanzania. Independently verified resources at Kiliwani North are estimated to be 45 billion cubic feet of gas-in-place.
