Solo Oil has accessed part of a £10 million loan to fund continued testing of the Ntorya 1 well in Tanzania.

Solo, which has a 25% equity interest in the Rovuma Production Sharing Contact, says the money will be used to continue funding developments and a current flow testing programme at the Ntorya-1 discovery well in Tanzania.

London-listed Solo has issued 90.844 million new prdinary shares of £0.01p each – priced at 40p per share – in connection with the drawndown of £363,000 from the £10 million equity line with Dutchess Opportunity Cayman Fund Ltd.