Solo Oil on Monday announced that it has been advised by Aminex PLC that the proposed agreement with Bowleven PLC to farm-out acreage in Tanzania, should not progress. 

Solo had announced the farm-out of a 25% interest in the Kiliwani North Development Licence and a 50% interest in the Ruvuma Product Sharing Agreement (PSA) to Bowleven on November 19, 2015. Due to the inability to agree to a joint agreeable work programme between the parties and the Tanzania Petroleum Development Corporation (TPDC) the transaction will now be closed and the partners will maintain their existing interests.  

The company's interest in the Ruvuma PSA will remain at 25% while Aminex will retain its existing interests which includes 55.575% operatorship interest in the Kiliwani North Development Licence and a 75% operatorship interest in the Ruvuma PSA, where the re-completion of the Ntorya 1 discovery well, and the drilling of the Ntorya 2 appraisal well are progressing. 

Anita Fatunji