Solo Oil Share Discussion Threads

[dan_the_epic] 30/6/2017 09:47

Look, it's as simple a this; Ritson has to go. It's so blatantly obvious. He should have been forced to resign ages ago, but the board are weak.

So they need replacing too.

Giving them authority to place more shares is poor. Force them out before the house of cards comes down to one explo well.....

Else the house will topple IMO, with them in it, unless you're feeling lucky with N3...

[dan_the_epic] 30/6/2017 09:45

IMO horse hill will prove out to be a small time play, which Solo has a small time stake in.

[gismo] 30/6/2017 09:43

"Horse-hill has been a rampathon that has gone quiet", it hasn't gone quite read the latest RNS's

[colnabean] 30/6/2017 09:33

Gizmo : My previous posts regarding Helium1 was that it was a £100 Coy that was suddenly transformed into a potential £25m + Coy by Ritson throwing our dosh at it. Go and take a look at the H1's accounts it's an effin scam.

[dan_the_epic] 30/6/2017 09:30

N3 is a complete shot in the dark. It's an exploration well. It had a COS sub 30% pre N2 if i Remember correctly. It's a big step out from N1 and N2 anyway so not convinced it will have changed much.

All that considered, to pay for N3 is to pay for one BIG final gamble, with the odds likely against your favour.

Reef flopped, Pan African flopped, Kiliwani was an overpay for that asset, Ntorya has been inconclusive value-wise, Horse-hill has been a rampathon that has gone quiet.

To vote yes to a potential near 30% dilution for some 3D seismic or a gamble drill doesnt sound sensible to me.

But then, I still think this is considerably overvalued.... the Tanzanian political backdrop for investing is concerning to say the least. I don't see incremental value creation from investing more in Tanzania.

[kevjones2] 30/6/2017 09:24

I must say I'd probably vote no if I didn't hold Aminex too. I know it would most likely be self-destructive but I wouldn't give a toss. Don't like being played by anyone. Nevertheless, my vote will be a yes.

[gismo] 30/6/2017 09:24

So we vote no bonanza and the NT3 drill can't go ahead, so where does that leave us?

[gismo] 30/6/2017 09:23

Dan there is nothing wrong with our assets, they have not changed so how can it be low grade? The management are at fault and they know it, lets move forward now

[gismo] 30/6/2017 09:21

So where does a no vote take us then? What will happen if we can't move forward. The general consensus was that we raise funds to support NT3 and this is now what we are doing. NR knows he has done wrong in buying 10% of H1 and no more until we get a farm in, the reason for his purchase was the scarcity of Helium and it's value being 35 times more valuable than gas, however, it came at the wrong time and crashed the share. He knows that now and I hope we can go forward and get a deal

[1bonanza] 30/6/2017 09:19

I can see the logic in a yes vote, however I have been here for years and hold 10M of this and have been let down by NR lies about funding and placings, diluting my shares to a ridiculous share price of today. How can we trust what he has said yesterday? I'm afraid it's s no.

[dan_the_epic] 30/6/2017 09:19

Beaumont Cornish.

Good god, everything about this company rings low grade

[dan_the_epic] 30/6/2017 09:18

and that value destruction will likely begin with a deeply discounted placing in my view.

First and foremost, Ritson should be sacked for continually leaking price sensitive news to a select few (e.g. the events last night).

Quite how the NOMAD hasn't stepped in is nothing short of disgusting. Who is the NOMAD here?

[colnabean] 30/6/2017 09:17

12bn : your spot on my sells are not even showing.

[dan_the_epic] 30/6/2017 09:15

To vote Yes if you don't hold Aminex shares is just plain daft

This company needs serious management change if it has any hope in hell of ever creating real value.

A vote for Yes is a vote for the merry ship of value destruction to continue.

[gismo] 30/6/2017 09:10

I agree, a no vote will destroy us. If you are voting no as a protest vote against NR where will that leave us? We have to fund NT3 to get us out of this mess. A no vote may make you feel good but it will do nothing for the shares you hold

[chrisc168] 30/6/2017 09:08

Just vote YES, comes the placing then we all buy more and more. Fill your boots.

[kevjones2] 30/6/2017 09:08

I don't think the company can take another bod hit such as a NO vote. I am also invested in Aminex. For those reasons I will be voting YES to all resolutions. Doesn't mean I'm happy with things, I'm not, but I believe a YES vote to be the lesser of two evils.

[chrisc168] 30/6/2017 09:06

If everyone vote against Ritson then he will need another massive placing to pay for him to step down.

[gismo] 30/6/2017 09:05

Well, I shall be voting yes, the general consensus was that we would back funding for existing projects. NR has confirmed no more H1 so I sincerely hope we get the go ahead. A no vote sees us stagnant or going into reverse. I think many, including myself, are angry with NR's performance but just to vote no to get back at him is like shooting yourself in the foot. aimo gla

[colnabean] 30/6/2017 09:03

Ritson has destroyed Solo. My view is to get out when you can. With that Jeremy Hunt at the helm the Coys going bust. There are huge problems in getting paid in Tanzania and spending millions of pounds of our money in Helium 1 for a company that's worth nothing was enough for me. The bod is just using the aim market to line their own pockets.

[1bonanza] 30/6/2017 08:19

Agreed Simon, I give my 10m vote.

[simon8] 30/6/2017 08:14

Well he may have promised no more helium but what else, I just don't trust the guy to manage the proverbial... we had (have) transformational assets in TZ and had cash in the bank from a dilutive placing (again he waited to do at seriously low sp)... now there's a need for cash for on going projects and none in the bank...so share price hitting rock bottom and he will place yet again at a massive discount creating an overhang of stock at even lower prices.....the bargain bucket cash shops will be lining up to bend him over..... Does he not look at financial statements, agreed budgets with JV partners, revenue in hand - projected spend over a 12 month period and then plan accordingly.... clearly not!

Even on a 20:1 share consolidation because we need a manageable number of shares in issue (why are there so many Ritson????) he will continue to place and probably dilute us all the way back to where we started.

This could have been so different...sp was going up, 0.8p, good assets, good feel, cash in bank, any placing at higher share price with real operational upside, farm-out likely on a development carry....then ritson true to form screws it right up!!!

I would strongly suggest we need a vote of no confidence tabled at the AGM in his management and the chance to get shot of him..... just having him as CEO must have a massive negative impact on the share price let alone when new investors are looking at this as a potential investment.......

Ritson = value destruction

No confidence motion please

[12bn] 30/6/2017 07:26

We all now know a placing is coming post the 20:1 consolidation,it may be wise to wait and see at what price the placing will be at imo. I have a feeling that 0.20p or 4p post consolidation may be a bit optimistic,maybe 0.15p or 3p post consolidation may be nearer the level. We shall see but buying or holding now is far too risky,imo.