AMINEX PLC (AEXFF): Some news out of London this morning:...

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Wednesday, 09/07/2016 7:38:15 AM

Wednesday, September 07, 2016 7:38:15 AM

Some news out of London this morning:

SOLO OIL WON'T EXERCISE OPTION TO RAISE STAKE IN KILIWANI NORTH

[ 07 Sep 2016 08:39 ]
LONDON (Alliance News) - Solo Oil PLC on Wednesday said it has informed fellow London-listed firm Aminex PLC, the operator of the Kiliwani North licence in Tanzania, that it will not exercise its option to increase its stake in the project.

Solo said it does not intend to exercise its option to increase its stake in Kiliwani North by a further 1.25%. The option was exercisable after first revenue from gas sales from Kiliwani North was received by Solo in August.

Solo currently holds a 7.175% interest in Kilwani and holds a further option over another 1.575% of the project. Aminex, the operator, has a 54.575% stake in the project.

Solo Oil shares were down 0.4% to 0.279 pence on Wednesday, while Aminex shares were up 1.1% to 1.92p.

By Sam Unsted; samunsted@alliancenews.com; @SamUAtAlliance

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http://www.londonstockexchange.com/exchange/news/alliance-news/detail/1473233962444856600.html