Solo Oil today confirmed it had increased its interests in Tanzania’s Kiliwani North development licence to 10%.
The uptake represents a $2million investment.
Chief executive Neil Ritson said: “In order to balance various opportunities to deploy cash in the Solo business we have elected to increase our interest in Kiliwani North by just under 4 percent, slightly less than the maximum of 6 percent available to us under the option agreement signed last year.
“Solo will receive 10% of the KNDL revenue once the purchase is completed. Gas production at KN-1 is expected to commence shortly.”
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