Share Name Share Symbol Market Type Share ISIN Share Description
Solo Oil LSE:SOLO London Ordinary Share GB00BF1BK408 ORD 0.20P
  Price Change % Change Share Price Bid Price Offer Price High Price Low Price Open Price Shares Traded Last Trade
  +0.00p +0.00% 4.50p 4.25p 4.75p 4.50p 4.50p 4.50p 385,740 07:50:48
Industry Sector Turnover (m) Profit (m) EPS - Basic PE Ratio Market Cap (m)
Oil & Gas Producers 0.0 -0.5 -0.0 - 17.66

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DateSubject
21/11/2017
08:20
Solo Oil Daily Update: Solo Oil is listed in the Oil & Gas Producers sector of the London Stock Exchange with ticker SOLO. The last closing price for Solo Oil was 4.50p.
Solo Oil has a 4 week average price of 4.38p and a 12 week average price of 4.38p.
The 1 year high share price is 17.70p while the 1 year low share price is currently 4.38p.
There are currently 392,337,801 shares in issue and the average daily traded volume is 862,556 shares. The market capitalisation of Solo Oil is £17,655,201.05.
24/7/2017
18:31
dudleym1975: RE: ValuationI have extended the valuation to all 4 companies below so you can see where the most value is left in buying these 4 Companies. Company /%HH / fair value share price HH only/ Current share price ALBA. 10. 0.81p. 0.68p UKOG. 32. 1.39p. 5.95p SOLO. 6.5. 0.13p. 0.24p PRIM. 6.5. 0.61p. 0.33p IMO ALBA and PRIM have the most upside here. ALBA has Brockham too but it really looks like they are going to get hit a with a placing soon judging by their issue of equity RNSs past frequency. SOLO has passed fair value for HH. UKOG are kinda fair value if you assume BB-1 well has the same flow rates and resource size as HH and BB-1 is fully owned for UKOG. Then value approx 1.39p + (1.39×3) = 5.56p but this does assume well flows back with good pressure. Hope it does but have been watching 88e aware not to count chickens too soon!!
30/6/2017
14:27
porsche888: For what it's worth I don't normally invest in AIM stocks I only put my money into tracker funds. From what I have seen so far on this board, it seems to me that the business model is about constant dilution in order to finance projects up the value curveIf you come into these stocks at the wrong moment in the cycle you can get caught in a downwards spiralI am only here because I want access to Helium in my portfolio. It seems to me that Helium One will IPO and that should release some valueIt also appears Solo management from a project perspective have actually done a good job. I don't think you guys should look at the share price if you are down ,,, forget about it and hope the projects can be transacted ,,as they all seem to me to be well advanced and worth far more than the share price reflects.Look I am down, I came in at 0.36 but I don't care about that for nowYou have to hedge against another stock or investment If the Helium deal turns out to be bad then my tune will change pretty quick,,, but I am very relaxed at the moment Keep the faith....Helium will save Solo, I do really think that....
12/6/2017
11:59
datait: That will be sorted behind the scenes if the board thinks its well worth getting in there then they will regardless of what anyone says as they are there for the long term and helium will do well for solo, the only problem is the timing many investors are unhappy with the current share price, personally I think this is due to market makers manipulation and the price will regain ground soon enough. The price has bottomed and now levelled out so I see the price gradually rise back up again. I think the share price will rise very quickly when it does move and take many by surprise. Not one to be out of in my view.
24/5/2017
21:31
datait: Lets hope NR starts thinking about the pi's rather than himself and the rest of the board. He should get the share price up and only dilute as the share price climbs not constantly diluting the share price time and time again. Stead climb and dilute in sequence.
19/5/2017
15:58
1bonanza: A very good post on LSE that's been emailed to NR, my sentiments exactly after having been here for far too long. Emailed NRHi Neil I hope that you're well. As you know I have been a loyal shareholder in SOLO for a number of years, having first invested back in 2011 around AUS#5. I believe that my first investment was around 1.5p. I have continued to add more shares over the years and have built up a decent shareholding. I hope that you have already seen some of the feedback but I wanted to write to inform you of what can only be described as shareholder mutiny to your proposal today to take up another 10% stake in H1. Long term shareholders have suffered greatly over the years by way of endless dilution of their shareholdings. From our perspective, just as we are about to see some form of return via success at NT2 in Ruvuma, this has been thrown away by SOLO raising yet more funds for a new venture which will no doubt take years to mature. The SOLO share price has now nearly fallen back to the level it was before NT2 was drilled and this speaks volumes for the rock bottom sentiment around SOLO at present. I do not contribute much, but have followed the shareholder chat board at LSE for several years. I have never known a backlash like today. Virtually all shareholders are strongly against the Resolutions. We are frankly fed up with the endless dilution. We want to see results from one of SOLO's investments first before spending more money on new ventures. Today, several million shares have voted against the Resolutions already. More will follow. In the first instance, a farm out of SOLO's interest in Ruvuma is therefore imperative in order to gain back shareholder trust and their approval for the further dilution of their holdings. Unfortunately most shareholders do not care how amazing the Helium 1 investment might be. We already have a 10% stake, that should be enough for now. We want to see results from our existing assets first and for once a sustained increase to the value of our investments rather than continued depreciation and dilution. Kind regards
19/5/2017
06:31
12bn: NR is doing what NR does best,issuing discounted shares for cash. There will be more dilution in the future imo. $0.40 is £0.30p approx,I expect a fall at the open.//////RNS Number : 6093F Solo Oil Plc 19 May 2017 FOR IMMEDIATE RELEASE, Embargoed until 7 am 19 May 2017 SOLO OIL PLC ("Solo" or the "Company") Notice of General Meeting and Investment Update Solo Oil plc (AIM: SOLO), the natural resources investment company focused on acquiring and developing a diverse global non-operated portfolio of strategic oil and gas assets, today posted to Shareholders a circular, notice and related documents ("the Documents") convening a General Meeting of the Company to be held at the offices of Buchanan; 3(rd) Floor, 107 Cheapside, London, EC2V 6DN on 8 June 2017 at 10.00 am. The Documents are available on the Company's website www.solooil.co.uk and copies of the Document will be available free of charge during normal business hours on any weekday (except public holidays) from the registered office of the Company at Suite 3B, Princes House, 38 Jermyn Street, London, SW1Y 6DN, UK from the date of this announcement until the date of the General Meeting. The meeting has been called to seek Shareholder approval for (i) an update of the Company's Investing Policy in line with the clarity prescribed by the current market guidelines, and (ii) authority for the allotment of shares necessary to make the second stage investment into Helium One Limited and to raise further capital as appropriate to pursue investments potentially available in the current market. A letter from the Chairman extracted from the circular and outlining the background to the resolutions is attached in Appendix II below. Details of the resolutions can be found on the Company's website. Investment Update Helium One Limited On 22 March 2017 Solo announced an agreement to acquire a 10% interest in Helium One Limited ("Helium One or HE1"), the pure play helium explorer in Tanzania, with an additional call option to acquire a further 10% interest ("Second Investment") within 90 days. The first investment of 10% has been completed and in the light of market conditions the parties have reassessed the terms of the Second Investment. The Second Investment is intended to close on or before 30 June 2017 with a long stop date of 31 July 2017 to provide for any delays in certain regulatory approvals in Tanzania. The Second Investment exercise price has been reduced from GBP4.0 million (GBP2.0 million in cash and GBP2.0 million by the issue to Helium One of ordinary shares in Solo) to GBP3.0 million in cash. Upon exercising the Second Investment Helium One will grant to the Company the further right to subscribe for 1/4 of a share in Helium One for every one share subscribed for under the Call Option exercisable for a period expiring 31 December 2017 with an exercise price of US$0.40 per share. As announced on 9 May 2017, Helium One has completed the acquisition of an airborne gravity and magnetics survey and has approved the continuation of the soil and groundwater sampling surveys, following the successful results of the first phase sampling. Work is progressing on track for the 2018 drilling of the Rukwa project area, where there are independently certified most likely prospective gross in place helium volume of approximately 99 billion cubic feet ("bcf"). Current global Helium demand is approximately 6 bcf, therefore the scale of this resource makes the Rukwa project of strategic global importance to the future supply for Helium over the coming decades. With limited new Helium supply coming on stream and the shut down of the US Federal helium reserve in 2021, Helium One is well placed to potentially become a significant player in the global Helium market. Ruvuma PSC, Tanzania Following the drilling and successful testing of the Ntorya-2 appraisal well in the onshore Ruvuma Petroleum Sharing Contract ("PSC") area in Tanzania the gas associated with the Ntorya appraisal area has been substantially increased to a most likely discovered gross gas in place of 466 bcf. Based on this, a 25-year development license is being sought from the Tanzanian authorities and Solo plans to seek a partner for its future involvement in the development so as to fund the Solo share of the development costs. Solo owns a 25% non-operating interest in the Ruvuma PSC, and the Ntorya-1 and Ntorya-2 wells, which are operated by Aminex plc. Horse Hill Discovery, UK As previously announced on 4 April 2017, an application for long term production testing and further appraisal drilling was submitted to Surrey County Council in October 2016, and is now scheduled to be decided at the Council's planning committee meeting in July 2017. Solo continues to anticipate that these operations will therefore commence in the second half of 2017 upon grant of the necessary remaining regulatory permissions. The Horse Hill-1 well ("HH-1") Kimmeridge Limestone and Portland Sandstone conventional oil discovery is located within onshore exploration Licence PEDL137, on the northern side of the Weald Basin, approximately 3 kilometres north of Gatwick Airport. As previously reported in February and March 2016, two naturally-fractured limestone members within the Kimmeridge section, known as KL3 and KL4, flowed dry, 40 degree API oil, at an aggregate stabilised natural flow rate of 1,365 barrels per day ("bopd") with no indication of depletion. The overlying Portland flowed dry, 35-37 degree API gravity crude at a stable pumped rate of 323 bopd. The Portland was produced at the rod-pump's maximum achievable rate and thus flow was constrained by the pump's mechanical capacity. Licence PEDL137 is operated by Horse Hill Developments Limited ("HHDL") which holds a 65% interest and is the licence's operator. Solo has a 10% ownership of HHDL which represents a 6.5% working interest in HH-1 and PEDL137. Neil Ritson, Solo's Chairman commented: "Solo's original Tanzanian gas portfolio is maturing and we are reviewing our various options with regards to monetising a portion of the Ruvuma PSC during the development of the Ntorya gas condensate discovery in order to fund future participation in the licence and in doing so, extract maximum value on behalf of our shareholders. Ruvuma is the model case study for Solo's investment strategy in terms of building a material position in an exciting early stage project and then leveraging our technical capabilities to progress the asset to a monetisation point. We are hoping to replicate this model with the exciting opportunity with Helium One and wish to accumulate a material interest now at an attractive pricing point. We see very significant upside potential from the Helium One investment and are pleased to have renegotiated the call option on more favourable terms and hope shareholders share our excitement for this unique investment opportunity. The balance of this year is likely to also present several further investment opportunities as traditional hydrocarbon markets stabilise and additional international assets become available at favourable valuations." Qualified Person's Statement: The information contained in this announcement has been reviewed and approved by Neil Ritson, Chairman and Director for Solo Oil plc, who has over 38 years of relevant experience in the oil industry. Mr. Ritson is a member of the Society of Petroleum Engineers (SPE), an Active Member of the American Association of Petroleum Geologists (AAPG) and is a Fellow of the Geological Society of London (BGS). For further information: Solo Oil plc Neil Ritson / Dan Maling +44 (0) 20 3794 9230 Beaumont Cornish Limited Nominated Adviser and Joint Broker Roland Cornish +44 (0) 20 7628 3396 Shore Capital Joint Broker Jerry Keen Beaufort Securities Joint Broker Jon Belliss Buchanan (PR) +44 (0) 20 7408 4090 Ben Romney / Chris +44 (0) 20 7382 8300 Judd / Henry Wilson +44 (0) 20 7466 5000 Glossary API gravity a measure of oil density. API gravity is the inverse measure of a petroleum liquid's density relative to that of water, which is designated with a value 10. If one petroleum liquid is less dense than another, it has a greater API gravity ------------- ---------------------------------------- bcf billion cubic feet ------------- ---------------------------------------- bopd barrels of oil per day ------------- ---------------------------------------- discovery a discovery is a petroleum accumulation for which one or several exploratory wells have established through testing, sampling and/or logging the existence of a significant quantity of potentially moveable hydrocarbons ------------- ---------------------------------------- gas in place gas in place is the quantity (OIP) of gas that is estimated to exist originally in naturally occurring accumulations before any extraction or production ------------- ---------------------------------------- limestone a sedimentary rock predominantly composed of calcite (a crystalline mineral form of calcium carbonate) of organic, chemical or detrital origin. Minor amounts of dolomite, chert and clay are common in limestones. Chalk is a form of fine-grained limestone ------------- ---------------------------------------- most likely the most likely estimate of a parameter based on all available data, also often termed the P50 (or the value of a probability distribution of outcomes at the 50% confidence level) ------------- ---------------------------------------- PEDL Petroleum Exploration and Development License, in the UK ------------- ---------------------------------------- PSC Petroleum Sharing Contract ------------- ---------------------------------------- reservoir a subsurface rock formation containing an individual natural accumulation of moveable petroleum ------------- ---------------------------------------- sandstone a clastic sedimentary rock whose grains are predominantly sand-sized. The term is commonly used to imply consolidated sand or a rock made of predominantly quartz grains ------------- ---------------------------------------- Appendix I Expected Timetable of events Publication of this document 19 May 2017 and posting to Shareholders Latest time and date 10 am on 6 June 2017 for receipt of Forms of Proxy General Meeting 8 June 2017 Appendix II 18 May 2017 Dear Shareholders 1 Introduction The Company has today announced the convening of a General Meeting to propose the Resolutions in order to grant authority to the Board to allot shares and to do so for cash on a non pre-emptive basis and to seek Shareholders' approval for an update to the Company's investing policy to include any oil or gas assets and any subsurface gas assets of potential commercial significance. The Resolutions to be proposed at the General Meeting will enable the Board to complete the Second Stage Investment in HE1 and raise future funds for working capital and investment. 2 Background to the Resolutions Further to the announcement made by the Company on 22 March 2017, the General Meeting is being called in connection with the equity investment being made in HE1. In exchange for the First Stage Investment the Company acquired a 10 per cent interest in HE1. The Second Stage Investment has now been modified and will give the Company an additional 9 per cent shareholding in HE1, increasing its stake to 19 per cent in aggregate The modified consideration payable is GBP3,000,000 in cash rather than GBP4,000,000 (GBP2,000,000 in cash and GBP2,000,000 in shares) as originally agreed. This Second Stage Investment is intended to close on or before 30 June 2017 with a long stop date of 31 July 2017 to provide for any delays in certain regulatory approvals in Tanzania. 3 Updated Investing Policy The Company's current Investing Policy, adopted in July 2009, is to acquire a diverse portfolio of direct and indirect interests in exploration, development and production oil and gas assets, which are based in the Americas, Europe or Africa. To more closely reflect current market opportunities and portfolio interests the Board propose to include investments in any oil or gas assets and any subsurface gas assets of potential commercial significance within its investing policy and propose the following updated investing policy wording: The Company's Investing Policy is to acquire a diverse portfolio of direct and indirect interests in exploration, development and production oil and gas assets, and any other subsurface gas assets of potential commercial significance, located worldwide but predominantly in the Americas, Europe or Africa. 4 The Second Stage Investment in HE1 On completion of the First Stage Investment the Company was granted the Call Option to subscribe for such number of shares in HE1 as will give the Company a fully diluted percentage shareholding in HE1 on the date of exercise of the option of 19 per cent (being 9 per cent in addition to its existing 10 per cent shareholding in the issued share capital of HE1). The Call Option exercise price is now GBP3,000,000 in cash exercisable on or before 30 June 2017. Upon exercising the Call Option HE1 shall grant to the Company the further right to subscribe for 1/4 of a share in HE1 for every one share subscribed for under the Call Option exercisable for a period expiring 31 December 2017 with an exercise price of US$0.40 per share. Following completion of the First Stage Investment, the authorities granted by the Shareholders at the Company's last annual general meeting for the Directors to allot Shares and to do so for cash on a non pre-emptive basis have been utilised. Accordingly, to proceed with the proposed Second Stage Investment, the Company is seeking to be granted new authorities as set out below. Section 551 of the Act (as amended) prohibits Directors from allotting any Ordinary Shares in the Company without prior authority from shareholders. Section 561 of the Act gives shareholders of the Company certain rights of pre-emption on the issue for cash of new equity securities. The Company is therefore seeking a new section 551 authority in respect of an aggregate nominal amount of GBP250,000 and a disapplication of section 561 in respect of the allotment of equity securities for cash up to an aggregate nominal amount of GBP250,000 in order to facilitate the raising of capital necessary to make the Second Stage Investment and give the Company headroom for the future issue of new Ordinary Shares on a non pre-emptive basis. If such authority were to be granted, the shares would represent 31.9% per cent of the existing issued share capital. These Resolutions will give the Board the flexibility to raise additional funds or make acquisitions as and when suitable opportunities arise. In light of the current market conditions such opportunities may arise in the near term and the authorities requested will allow the Board the scope to act expeditiously to take advantage of any opportunities presented. The Board seeks to make acquisitions that are accretive to the value of the Company and will at all times seek to avoid any unwarranted dilution in its pursuit of the approved Investment Policy. The Second Stage Investment is conditional, amongst other things, on the passing of the Resolutions to be proposed at the General Meeting and the Admission becoming effective on or before 8:00 a.m. on 30 June 2017 (but not later than 31 July 2017). 5 Business to be transacted at the General Meeting Set out at the end of this document is a notice convening the General Meeting of the Company to be held at 10 a.m. on 8 June 2017 at which the following Resolutions will be proposed: 5.1 an ordinary resolution to approve and adopt the updated Investing Policy of the Company; 5.2 an ordinary resolution to authorise the Directors to allot relevant securities pursuant to section 551 of the Act up to an aggregate maximum nominal amount of GBP250,000; and 5.3 a special resolution to disapply the pre-emption provisions contained in section 561 of the Act in respect of the allotment and issue of equity securities in connection with offers to existing Shareholders where such offer is made in proportion to existing holdings and otherwise up to an aggregate nominal amount of GBP250,000. 6 Action to be taken Shareholders will find enclosed a Form of Proxy for use at the General Meeting. Whether or not Shareholders propose to attend the meeting, they are requested to complete and return the Form of Proxy in accordance with the instructions printed thereon as soon as possible and, in any event, so as to be received by not later than 48 hours before the meeting. The completion and return of the Form of Proxy will not prevent Shareholders from attending and voting in person at the General Meeting should they so wish. 7 Recommendation and voting intentions The Directors consider that the Resolutions are in the best interests of the Company and accordingly the Directors unanimously recommend all Shareholders to vote in favour of the Resolutions as they intend to do in respect of their own shareholdings, amounting in aggregate to 39,500,000 Ordinary Shares (representing 0.5 per cent of the current issued share capital of the Company). Yours faithfully Neil Ritson Chairman Definitions used in the Chairman's Letter "Act" the Companies Act 2006 (as amended) "Admission" the admission of the new Ordinary Shares to trading on AIM becoming effective in accordance with the AIM Rules "AIM" AIM, a market of that name operated by the London Stock Exchange "AIM Rules" the AIM Rules for Companies published by the London Stock Exchange from time to time "Board" or "Directors" the directors of the Company whose names are set out overleaf "Call Option" a call option agreement dated 21 March 2017 as amended on 18 May 2017 between HE1 and the Company "Company" Solo Oil plc, a public limited company with registered number 05542880 "Existing Ordinary the 7,846,756,009 ordinary shares Shares" of 0.01p each in the Company in issue as at the date of this document "First Stage an investment of GBP2,550,000 for Investment" a 10 per cent share interest in HE1 pursuant to the Subscription Agreement "Form of Proxy" the form of proxy entitled "Solo Oil plc Form of Proxy" enclosed with this document "General Meeting" the general meeting of the Company convened for 8 June 2017 by the notice set out at the end of this document (and any adjournment thereof) "HE1" Helium One Ltd, a company incorporated in the British Virgin Islands with company registration number 1888591, whose subsidiaries hold helium prospecting licences across a number of locations in Tanzania "Investing Policy" the investing policy approved by the Shareholders "London Stock London Stock Exchange plc Exchange" "Ordinary Shares ordinary shares of 0.01p each in or Shares" the capital of the Company "Resolutions" the resolutions to be proposed at the General Meeting, which are set out at the end of this document "Second Stage an investment of GBP3,000,000 exercisable Investment" by 30 June 2017 for an additional 9 per cent share interest in HE1 pursuant to the Call Option "Shareholders" the holders of Ordinary Shares "Subscription the subscription agreement dated Agreement" 21 March 2017 between HE1 and the Company as amended on 18 May 2017 between HE1 and the Company This information is provided by RNS The company news service from the London Stock Exchange END
03/5/2017
11:20
c31161: ID2427155AlertsYesDate02/05/2017HeadingSolo gears up for Ruvuma PSA farm down, eyes targets in Eastern Europe and MoroccoHeading Notes(not visible to subscribers)Main articleRuvuma at critical value point for sell downCould look at European opportunities to balance Africa riskSolo Oil [LON:SOLO] is talking to potential investors as it now considers it is the right time to sell down its 25% interest in its Tanzanian Ruvuma production sharing agreement (PSA), Chairman Neil Ritson said.The company is mainly talking to large oil and gas companies, he said, declining to give any names.Solo is looking to be carried from development to production through a farm down of its interest, he said. The company could end up with between 5% and 15% in a fully developed resource, but the ultimate structure of a deal depends on the balance of capital coming in from new investors and Solo's subsequent revenue stream, he said.To fund an asset's development Solo has the option to either sell down equity in the project or raise capital on the public markets, he said. The latter has until now been Solo's usual strategy to grow projects, but as Ruvuma matures ,Solo must assess whether to continue investing as a 25% shareholder or dilute its interest to pay for the next phase, Ritson said. Though a final decision has yet to be made, the project is definitely at a level of value where Solo will now likely dilute its interest, he added.In February 2016, this news reported that Solo was weighing its farm down options on the Ruvuma block.The company is always testing the market, Ritson said, but with the development licence expected to be approved and with new resource numbers available, it is the appropriate time to proceed.On 24 April, Aminex [LON:AEX], the 75% operator of Ruvuma, announced that the Ntorya appraisal area had Pmean gas initially in place of 466 BCF, a three-fold increase over the previous estimate of 153 BCF audited by LR Senergy in May 2015.The next key step is the 25-year development licence, Ritson said, for which Aminex is in the process of seeking approval and which is likely to be granted in the next four months.Ruvuma is aiming to come to production in the next 12 months, he said, but the method of production and route to market is unclear.New opportunitiesIn the meantime, Solo's M&A strategy will focus on oil and gas, Ritson said, having last month acquired a 10% stake in Helium One for GBP 2.55m. A crucial step will be the Ruvuma farm down, with Solo more likely to make a new investment once this is completed, he said.The company looks at around 20 opportunities each quarter, he said. Of those, around one per month moves to the point of signing an NDA and entering a data room, and from those the company has tended to conduct around one transaction a year, he said.It will look at initial investments of around GBP 3m, he said, citing HeliumOne as a good example. Solo has a 90-day option to acquire a further 10% in Helium One for GBP 4m and remains open minded on whether it will exercise its option, Ritson said. It depends on whether the market reacts positively to the initial investment, he said, which may require further education in order to see greater appreciation of the project in the share price.The company is in active discussions at present on some smaller seed investments, which could be announced in the next six months, he said.The company prefers onshore plays, he said, which could be gas or oil, but gas would depend on a clear route to market.Solo is open to approaches from those pitching advice and investment ideas, he said. Any potential asset must have a partner in place that is a knowledgeable operator, he added.The markets it best understands are Africa and Europe, he said. It is eager to look at targets across continental Europe, particularly Eastern Europe, partly to balance the political risk in its portfolio from its African investments, he said.It has however identified opportunities it could pick up in Morocco, Ritson said.It is also trying to increase its presence in Nigeria where it has a 20% stake in Burj Africa, and is targeting marginal fields which are being sold off by the majors, he said. Through Burj, it has expressed interest in a couple of assets, he added, but the main barrier to deal completion in Nigeria is politics.The company also looked at a US joint venture but did not proceed because it deems the US market very competitive, he said.In Asia, it looked hard at a target last year, he said, but Solo's skill set is focused on Africa and Europe.In the past, Solo typically looked at acquiring around 10% in an asset or company, Ritson said, but experience suggests that this needs to be higher in order to have a degree of influence and a place on the board.Ruvuma is an example, he said, where at around 25% the other party outweighs, but still has to listen. This gives clarity on when is the point of value at which to farm down, he said.Solo is listed on the London AIM exchange and has a market capitalisation of GBP 30.7m.by Patrick Harris
12/4/2017
13:08
edgein: Whoppy, You must have missed the bit that NR and AEX have suggested that these two wells warrant development. And yes NT has had a material impact on the gas in place and recoverable gas. There's been much talk about NT-1 and NT-2 as a development and that's why what once was the back to back NT-3 has for now been shelved (pending seismic and further analysis or whatever). They certainly don't need NT-3 to put in a plan for the developmental licence, its been pending the results of NT-2 as they've both said NT-1 was economic in its own right at 70Bcf, multiples of that just make it more economic (NT-2). Once the independent CPR comes up with the good it gets the nod and wink from the ministry, lo and behold a bit of the old vertical on the AEX and SOLO share prices, shareholders will jump and skip. Until then hold the horses and calm thee heed. You're like one of those horses that were a little too keen at the start of the grand national. Regards, Ed.
09/3/2017
08:12
haggismchaggis: Decoding the “significant success” reported by Aminex and Solo Oil The companies says Ntorya-2 represents a better-than-expected result, but, both shares are down almost 20% - here, we take a closer look. Looking at Aminex plc (LON:AEX) and Solo Oil PLC (LON:SOLO) following the release of test results from the Ntorya-2 appraisal well its quite plain to see there’s something of a disconnect between the companies and the stock market’s view. Aminex and Solo this morning told investors of the Tanzanian well’s “significant success”. Ntorya-2 has, according to the partners, proved the commercial merits of the gas discovery and has set them on a path to production. Nevertheless, Aminex and Solo Oil shares each tumbled almost 20% in Wednesday morning’s deals. Here, we attempt to decode this morning’s announcements and the reasons for the share price fall. What was the result? The Ntorya-2 well is located some 1.5 kilometres from the original Ntorya-1 discovery well and it has intersected a much larger gas reservoir zone. Flow testing was impeded somewhat by technical issues, nonetheless, the well testing yielded a rate of 17mln cubic feet of gas per day, which would be 2,833 barrels oil equivalent per day. "The overall results of Ntorya-2 have substantially exceeded Aminex's expectations and now we have the potential for a commercial development project in the Ruvuma Basin,” said Aminex chief executive Jay Bhattacherjee. Technical problems The obvious source of shareholder dissatisfaction comes from the fact that technical problems limited the partner’s ability to fully measure Ntorya’s production capacity – in fact, Ntorya-2 flowed at a lesser rate than the previous well (albeit under different operating conditions). During drilling there was a significant influx of gas into the well, and as a result the company had to adapt which resulted in constricted gas flow during testing. Specifically, Aminex explained that it had to increase the drilling mud weights due to the “strong gas influxes” so that they could maintain well control and operate within safety parameters. Subsequently, the higher than planned mud weights resulted in reservoir invasion which tempered overall test performance. The upshot is that the gas flows measured by the appraisal well do not properly represent the extent of what could be possible at this well location. For context, the Ntorya-2 well cut in a much larger pay zone than the original discovery yet its flowed gas at a lower rate. The new appraisal well encountered some 51 metres gross reservoir (34 metres were perforated) whereas Ntorya-1 tested only a four-metre interval and yielded 20mln cubic feet per day. Aminex told investors that Ntorya-2 would be suspended for future production. The burden of high expectations When considering the share price response to Wednesday’s news it is probably important to note that the results were hotly anticipated and expectations have been building for a number of months. Speculation frequently coincides with expectation, and as such trading in Aminex and Solo Oil shares has been brisk in the weeks and months leading up to the Ntorya-2 well. Aminex shares, for example, had risen almost 250% - to 6.84p from 2p - in the three months before today’s well results. Similarly, Solo Oil shares were up about 180% in the same period. One could probably deduce then that at least a portion of Wednesday’s sellers simply closed out speculative trades as the nuanced well result took momentum out of the shares. What comes next for Ntorya? Aminex highlighted that there will now be a period of analysis, which will guide what happens next. The partners will have to reconcile the findings of the Ntorya-2 well and the previous Ntorya-1 data, and in time they’ll likely come up with a new estimate of the project’s resources. The presence of oil shows in Ntorya-2, whilst plainly good news, will also give some more pause for thought. This part of east Africa is already known to be host to vast gas resources, with major offshore discoveries providing the basis of significant LNG developments, but, oil discoveries have been elusive and are something of a holy grail for exploration geologists studying the area. Aminex intends to revise the geological model of the onshore portion of the basin, to account for the apparent evidence that oil is present in the vicinity of Ntorya. With the phase of desktop work, the partners will draw conclusions that will be used for the next programme on work in the field. A third well will be planned, with the location determined based on the upcoming assessments. Meanwhile, as Aminex highlighted, the Ntorya-2 well is being suspended as a future producer. Given the proximity of gas export infrastructure to Dar es Salaam, Tanzania’s capital, investors will be keen to hear more about the possible timelines for revenue-generating production from the project. Former Solo Oil chairman David Lenigas, meanwhile, has suggested that some corporate activity could potentially follow the latest Ntorya well result. “Ntorya -2 successful test will probably make the Oman shareholders of Aminex look at now consolidating the whole AEX and SOLO play. IMHO,” Lenigas told his six thousand strong list of followers on Twitter. [...] Last summer, Aminex brought in £19.5mln of new capital – which funded Ntorya-2 – with a share placing including a new cornerstone investor, Eclipse Investments, which is part of Oman’s Zubair Corporation. Putting in around £13mln, Zubair took a stake representing around 28% of Aminex
27/9/2014
12:21
edgar222: By Ben Turney | Friday 26 September 2014 55 Disclosure: I have no positions in any stocks mentioned, and no plans to initiate any positions within the next 72 hours. I wrote this article myself, and it expresses my own opinions. I am not receiving compensation for it (other than from ShareProphets). I have no business relationship with any company whose stock is mentioned in this article. Just over two months ago, Gary Newman (a little ambivalently) picked Solo Oil (SOLO) as his runner in the Horse Hill race. His reasoning had less to do with Horse Hill and more to do with the appraisal of the Ntorya gas condensate discovery in Tanzania, in which Solo retains 25%. As it turned out, this was another good call by Gary, albeit a reluctant one! At the start of the month, Solo announced a sizeable upgrade to the reserves at Ntorya-1 and the company’s share price hasn’t looked back. From an end of day close of 0.38p on September 3rd, this stock hit an intraday peak of 1.2p and now trades at 0.98p, last seen. This values Solo at £46.56million. Now that the company has secured a c.$8.6million funding package, the question is can Solo build on its recent fantastic gains? The flippant answer to this question is of course it can. Pretty much everything David Lenigas has touched over the last year or so has turned to gold. His avid followers will have made a fortune and whatever else is said about him, he certainly appears keenly attuned to this strange market, which we find ourselves in. Solo has already made spectacular gains, but if you consider the performance of Leni Gas & Oil (LGO) and Rare Earth Minerals (REM), why shouldn’t more follow? An obvious concern is the likely overhang Solo faces as a result of the placement elements of yesterday’s funding package. The company conducted a standard £760,000 placing at 0.95p. It also, at the same price, announced plans to issue 157,894,737 new shares to YA Global Master (YAGM), worth £1.5million. Solo paid £750,000 of this back to YAGM in an Equity Swap Agreement, but so long as its share price doesn’t fall should expect to receive 12-monthly payments of £62,500. Together with the $1million Solo drew down from its new $5million debt facility (also with YAGM), the company appears reasonably well funded over the coming twelve months. The involvement of YAGM will probably prove to be a divisive issue among shareholders. In one corner there will be those who point to the success of the Equity Swap deal Mr Lenigas struck on behalf of Rare Earth in June 2013. This acted as a catalyst for the incredible run that stock went on. In the other corner will be those who look at the wider record of YAGM’s involvement in AIM stocks and the fact that this company’s name is synonymous with death spiral funding. Although it is hard to argue with the fact that the funding packages provided by YAGM are essentially measures of last resort, much will depend on how Solo puts the funds to use. If the company is able to deliver further major and positive operational news, then further share price gains will surely follow. As much as I remain sceptical about Horse Hill, there is an outside chance this project could deliver this result, but developments at Ntorya look more interesting. Recent seismic results have apparently extended the potential of the Ntorya appraisal area. Putting to one side the infrastructure required to commercialise Ntorya and likely costs, if Solo is able to increase again the size of the reserves at Ntorya, this should give the share price an obvious boost. One thing Mr Lenigas’ companies are extremely good at is telling their stories in a clear, concise manner and building a sense of excited anticipation. For example, at Ntorya, apart from the size, the key messages we are all meant to have taken away about this discovery are that this is an onshore development (cheaper to develop), the gas will be sold to the local market (sounds simple, right?) and it is within approximately 20km of a new pipeline, which is nearing completion (job done!). The reality of commercialising Ntorya is bound to be more expensive and take longer than most punters expect, but when do such trivial fundamental concerns get in the way of a good old-fashioned AIM buying frenzy? Over the coming weeks, barring a major surprise at Horse Hill, I’d expect Solo’s share price to drift, as the placement shares slowly find their way into the secondary market. Perhaps the 0.95p price will act as a floor. We shall see, but the key thing to look out for will be an announcement concerning expected delivery deadlines for further appraisal work at Ntorya. The results of these could very well unleash another wave of buying. - See more at: hTTp://www.shareprophets.advfn.com/views/8022/solo-oil-pipe-dream-or-genuine-prospect#sthash.e4gqBh22.dpuf
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