11th Nov 2019 09:25
(Alliance News) - Oil & gas firms Aminex PLC and Solo Oil PLC said Monday that both companies have agreed to the 2020 work programme for the Ntorya gas field in Tanzania.
Shares in Aminex were 10% higher at 1.38 pence, while Solo Oil shares were untraded in London on Monday, last quoted at 2.42p.
The joint venture partners have approved a budget of USD1.5 million, mainly relating to licence maintenance and planning activity.
The companies have also agreed a conditional total budget of USD41.4 million for 2020, which will be used for drilling Chikumbi-1 well and the acquisition of extensive 3D and 2D seismic surveys. These budget elements are contingent on the Mtwara licence extension and the granting of the Ntorya development licence for the seismic programmes. The programme itself is subject to approval from Tanzanian authorities.
Also on Monday, Solo Oil has appointed Don Nicholson as independent non-executive director with immediate effect.
Nicholson is currently senior advisor and vice-chair designate at stone quarrying firm Fox Marble Holdings PLC, the role to which was appointed to in September.
His most recent executive role was as chair and interim CEO at Spain-based natural stone firm Levantina.
"As Chair, it is my pleasure to welcome Don to the board in this transformational period for the company. His extensive skillset and experience further strengthens the board and will provide invaluable contribution as we look at additional growth opportunities to establish the company as a mid-cap gas producer and developer in the European gas market," said Solo Oil Chair Alastair Ferguson.
By Dayo Laniyan; [email protected]
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