Solo Oil shares moved higher on Tuesday morning after the company clarified that FirstEnergy Capital, which is acting for both Solo and Aminex, continue to actively discuss a farm-out of the Ruvuma production sharing agreement (PSA) and said that currently there are on-going discussions with over five interested parties.
Solo said that the farm-in discussions are expected to be concluded once the revised PSA terms associated with a variation of the current term of the licence are received.
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
Neil Ritson; Solo Executive Director, said: "We at Solo remain of the view that a mutually attractive farm-out can still be concluded. The revised PSA terms, when approved, will allow the necessary additional seismic to be completed before drilling obligations become due and that will significantly increase the chance of further discoveries."
The share price rose 2.99% to 0.34p by 09:10.
NR
-
Aurora Innovation is running on empty – is it overvalued?Aurora Innovation, a maker of self-driving trucks, may have promised far more than it can deliver
-
Is it time to ride the recovery in emerging markets?Interview What's the outlook for emerging markets? Gustavo Medeiros, head of research at Ashmore Group, gives his analysis and reviews progress in developing economies
