Solo Oil PLC (LON:SOLO) has welcomed news of the latest payment from the Tanzanian national oil and gas company for sales from the Kiliwani North Field.
Partner Aminex this morning reported that it had received a further payment for gas produced at the single-well Kiliwani North field, where production has been averaging 15mln cubic feet of gas per day through 2017 to date.
Aminex said it continues to work with the state’s Tanzania Petroleum Development Corporation (TPDC) to bring arrears fully up to date.
Updating on the Ruvuma area, meanwhile, Aminex said it is fully engaged with an updated basin model including a preliminary re-mapping of multiple stratigraphic fairways and updated resource numbers.
At the same time, recently appointed consultant Io oil & gas is working on a gas field development plan for the Ntorya field, located in Ruvuma, and this is expected to be ready in September.
Solo Oil chairman Neil Ritson said: "We are pleased to see that TPDC have made a further US$ payment for our Kiliwani gas sales and that Aminex continue to work with TPDC to bring payments up to date.
“The Ruvuma basin modelling study is an important step in optimising the development of the Ntorya gas field and Solo continues to work closely with Aminex on this project.
“We look forward to being able to report the results of the study in the coming quarter."
Solo Oil owns a 7.175% stake in Kiliwani North and has 25% of Ntorya.