Solo Oil Investee Helium One Making Good Progress Ahead Of IPO (ALLISS)

Natural resources investor Solo Oil PLC on Thursday said investee Helium One Ltd is now fully funded up to its drilling programme later this year ahead of an initial public offering in Sydney. In a pre-IPO fundraise helium explorer Helium One raised USD2.0 million from investors in Australia, Asia, and Africa, meaning it now has funded through to drilling in the Rukwa basin in Tanzania, expected to start in the last quarter of 2018. Helium One is in talks with a drilling partner, Solo said, and planning is now underway for its IPO on the Australian Securities Exchange, which was first announced mid-January. Solo has a 10% stake in Helium One, which it took for GBP2.6 million in March 2017. Solo Chairman Neil Ritson said: “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 key 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.” Solo shares were trading at 2.58 pence each in London on Thursday, 7.3% higher.

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