Solo Oil has begun marketing the farm-out of its oil and gas assets in the Ruvuma Basin of Tanzania in collaboration with Aminex.
It is offering firms up to 50% interest in the licences in return for any "financially robust partner" funding a disproportionate share of the planned forward work program.
That partner would also pay a pro-rata share of past expenditures.
Subscribe to MoneyWeek
Subscribe to MoneyWeek today and get your first six magazine issues absolutely FREE
Sign up to Money Morning
Don't miss the latest investment and personal finances news, market analysis, plus money-saving tips with our free twice-daily newsletter
Don't miss the latest investment and personal finances news, market analysis, plus money-saving tips with our free twice-daily newsletter
The acreage on offer contains the Ntorya-1 discovery, with over 1.2tr cubic feet of gas potential in place over the greater Ntorya area, Solo said.
Neil Riston, Executive Director of Solo, said he anticipated considerable industry interest given the location of the PSA, the recent Ntorya gas condensate discovery and the material level of equity being offered to potential new entrants.
The two companies have engaged FirstEnergy Capital as their exclusive financial advisor for the farm-out.
