Solo Oil has received confirmation from the operator Ndovu Resources Limited that the Mtwara Exploration Licence has been formally extended by the Ministry of Energy of Tanzania
Solo looks forward to having ARA actively lead the Ntorya Gas Field development in the coming months. The Mtwara Exploration Licence sits within the Ruvuma PSA and contains the Ntorya gas field.
It is noted that receiving this extension was one of the last remaining conditions required by Aminex PLC (owner of Ndovu Resources Limited) to conclude the farm-out agreement with ARA Petroleum Tanzania Limited (ARA), and Aminex subsequently provided market updates on completion progress.
Solo Oil PLC (LON:SOLO) is an investment company with the target of acquiring a diverse global portfolio of direct and indirect interests in exploration, development and production oil and gas assets, both on-shore and off-shore.