UK’s Solo Oil has informed Aminex plc, the operator of the Tanzanian Kiliwani North Development Licence (KNDL), that it does not intend to exercise its immediate option over a further 1.25% interest in the KNDL, Rigzone reported.

Solo currently holds a 7.175% interest in the KNDL which contains the producing Kiliwani North-1 well.  The option of an additional interest in the project was made open to Solo Oil when it received the first revenue from gas sales in mid August, according to Ecofin Agency Oil and Gas.

The company continues to hold a further option over an additional 1.575% in the producing Kiliwani North field. The company revealed that it will determine its investment in that tranche in due course.  Furthermore, it holds a 25% interest in the Ruvuma Production Sharing Contract area in Tanzania which contains the Ntorya-1 gas condensate discovery well.

Solo Oil, listed on the London AiM market, is an oil and gas investment company that aims to acquire and develop a diverse global portfolio of oil and gas assets, with projects in Africa, the UK, and Canada.