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Solo Oil welcomes licence renewals for Helium One in Tanzania
StockMarketWire.com
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Oil company Solo Oil welcomed news that Helium One Global, of which it owned 12%, had secured licence renewals in Tanzania.
Helium One has received renewal offer letters for 12 of 16 prospective licenses initially requested from Tanzanian authorities, with a further four awaiting a decision.
Solo said the renewals, alongside a recent resource estimate at the Rukwa prospect, provided a runway for Helium One to further explore and de-risk its prospect inventory through a drilling programme.
'Solo continues to maintain close dialogue with the Helium One team and are pleased to note the progress being made on multiple fronts, all of which bodes well for our legacy investment in this exciting opportunity,' Solo chief executive Tom Reynolds said.
'In particular, the license renewals point to progress above surface, and the initial resource estimates emphasise the potential scale of the sub-surface opportunity.'
Story provided by StockMarketWire.com
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