Solo Oil jumps as farm-out progresses

Shares in AIM-listed Solo Oil (LON:SOLO) doubled to 1.85p after it was announced that the farm-out of part of the company’s Tanzanian portfolio would be completed in the next few days.

CEO Tom Reynolds commented: “We are delighted Aminex and ARA Petroleum have succeeded in obtaining the final Government approvals for the completion of their transaction. This milestone indicates an improving operating environment in Tanzania and emphasises the commitment of the incoming operator to move forward with the development and unlock the value from this high-quality onshore gas asset ideally situated to provide domestic gas into existing infrastructure and with a ready market for commercialisation.

“From our perspective, this is a key milestone for our sales process as it provides clarity and certainty on the development of the project. We continue to have strong engagement for our sales process, and with this news today, we hope to move those discussions forward with a view to realising value for our shareholders and setting us on our stated growth path“.