Buchanan advises Solo Oil on Tanzanian investment
Buchanan is advising Solo Oil on its acquisition of a 10% interest in Helium One, a private helium exploration and production company in Tanzania.
Buchanan’s sector specialist team, comprised of partner Ben Romney, account director Chris Judd and account executive Henry Wilson is advising Solo Oil.
Solo, an oil and gas investment company, which focuses on acquiring and developing a portfolio of strategic assets, has acquired a 10% interest in Helium One for a total consideration of £2.55m. It has a 90-day option to increase its interest to 20%.
Dan Maling, finance director at Solo Oil, said: “We’re pleased to have Buchanan on board, and look forward to working with a team that possesses a diverse skill-set and a strong reputation in the oil and gas sector.”
The transaction expands Solo’s presence in Tanzania which already includes production from Kiliwani North and 25% interest in the Ntroya gas discovery in Ruvuma Basin. The company’s portfolio also includes investments in UK, Nigeria and Canada
Ben Romney, partner at Buchanan, added: “We look forward to providing Solo Oil with ongoing communications as the company’s story develops.”