(Ecofin Agency) - Solo Oil on Wednesday announced that it is not ready to exercise its immediate option over an additional 1.25% stake in the Kiliwani North development licence in Tanzania.
This option of an additional interest in the project was made open to Solo Oil when it received the first revenue from gas sales in mid-August.
The company still holds a further option over another 1.575% in the producing Kiliwani North field and has said it will make a decision on its investment in that tranche sooner or later.
Solo Oil also holds a 25% interest in the Ruvuma Production Sharing Contract area which contains the Ntorya-1 gas condensate discovery well.
“We are very pleased with the progress being made at Kiliwani North now that the Songo Songo Island gas processing plant has been fully commissioned and we expect to see further production and gas sales news in the next few weeks. Kiliwani North is an important project for us as it represents our first revenue from Tanzania, however, Solo has elected to focus its immediate investment on the larger potential at Ntorya, where appraisal drilling of will shortly be underway,” Neil Ritson, Solo Oil’s chairman, told Energy-pedia.