UK-based Africa-focused oil and gas company Solo Oil plc has reported continued progress by its investee company Helium One Limited (He1), the pure-play helium explorer in Tanzania.
Solo Oil is the natural resources investment company focused on acquiring and developing a diverse global non-operated portfolio of strategic oil and gas assets.
Some of the major highlights of the report are:
- Pre-IPO round raised US$2mn from Australian, Asian and African investors
- He1 now funded through to drilling which is expected to commence in Q4 2018
- Discussions underway with drilling operations partner
- IPO planning underway to coincide with key drilling milestones later this year
In 2017, Solo Oil acquired a 10 per cent interest in Helium One Limited and announced plans to progress further with the Ruvuma gas field, increasing its presence in Africa’s oil and gas sector.
Neil Ritson, chairman of Solo Oil, commented, “Helium One is now moving rapidly towards drilling of the exciting Rukwa Basin natural helium play and is fully funded to prepare for that work, which could be underway in late 2018.
Through our technical service agreement, and close engagement with the Helium One Board, Solo has played a major role in helping to progress to this point.”
“The helium prospects of the Rukwa Basin are some of the largest and best defined natural helium prospects so far identified globally and we l look forward to significant further progress in the next few months,” Ritson added.