Solo Oil has raised £2million through the issues of ordinary shares in the company.
In a statement, the firm said it the cash had been raised through a single sponsored placement to investor Epilson Pty.
The placing shares, when issued, will represent 15.9% of the enlarged issued share capital.
The proceeds are expected to be used to fund the company’s share of the Ntorya-2 well in Tanzania and settle all outstanding amounts due to YA Global Master SPV, Ltd under an Equity Swap Agreement which has now been terminated.
Neil Ritson, Solo’s Chairman, said: “The company is now funded for its share of the estimated dry-hole costs for the upcoming high impact Ntorya-2 appraisal well in Ruvuma Basin, Tanzania.
“We look forward to further updates from the operator Aminex as we near the expected spud date during the fourth quarter of this time.”