Solo Oil Share Discussion Threads

[temmujin] 20/7/2017 13:00

long wait mate...

[1hopefultrader] 20/7/2017 12:59

If it falls in to 0.teens I might be back in.

[temmujin] 20/7/2017 12:58

every horsehill play has moved except this dog...surely its solo's time soon?

[c31161] 20/7/2017 11:20

Simon8 late payments would be risk factored in, I have lived and worked in Africa, no one gets paid on time, if they did that's when to worry that something maybe up, it's part of their culture, just like in our world the bride never turns up to the church on time

[simon8] 20/7/2017 11:11

I think it is a fair point to raise, yes Africa generally is problematic it terms of honouring contracts and making payments, but this has to be considered in terms of future investments especially if you were to raise debt to finance a project (and had to schedule interest payments) or funds from shareholders or place generally in the market...it does not paint a good picture..... even more so if you are looking for a farm in partner who would do their due diligence and want surety they will get paid once they've invested their cash!

So no, I do not think total rubbish.....

[murphyl] 20/7/2017 10:32

IN DATAIT WE TRUST.WHERE IS HE?

[c31161] 20/7/2017 10:02

That is absolute rubbish any one who has worked in Africa know late payments are parr for the course, it's not Europe

[simon8] 20/7/2017 09:28

The big problem re non-payment putting current cash flow difficulties to one side is if the Tanzanians can't or won't pay us for the small amounts of gas already being produced that then adds massive risk to the next development, how do you get comfort to develop and spend the cash required if you cannot guarantee an income flow from that investment. The Tanzanians are notorious for this, they'll take the gas gladly but forget they need to pay for it.....

Not looking at all good now, Tanzanians shooting themselves, SOLO and AEX in the foot.

[12bn] 20/7/2017 08:36

RNS Number : 5658L

Solo Oil Plc

20 July 2017

FOR IMMEDIATE RELEASE, Embargoed until 7 am 20 July 2017

SOLO OIL PLC

("Solo" or the "Company")

Update on Kiliwani North, Ntorya, Tanzania

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 is pleased to announce that the Company has been informed by Aminex plc, Operator of the Kiliwani North Gas Field, that it has now received a further payment from Tanzania Petroleum Development Corporation ('TPDC') for Kiliwani gas sales. Aminex continues to work with TPDC to bring arrears fully up to date. The Company is further informed that production from the Kiliwani North 1 well continues to average 15 MMcf/d during 2017.

In the Ruvuma area, Aminex is focused on updating its basin model which includes preliminary re-mapping of multiple stratigraphic fairways and updating resource numbers. A gas development plan is being prepared by io oil & gas consultancy. These, together with submission of the Ntorya Field development plan to TPDC, are expected to be completed in early September.

Neil Ritson, Solo's Chairman commented:

"We are pleased to see that TPDC have made a further US$ payment for our Kiliwani gas sales and that Aminex continue to work with TPDC to bring payments up to date.

The Ruvuma basin modelling study is an important step in optimising the development of the Ntorya gas field and Solo continues to work closely with Aminex on this project.. We look forward to being able to report the results of the study in the coming quarter."

For further information:


Solo Oil plc
Neil Ritson / Dan Maling [phone]

Beaumont Cornish Limited
Nominated Adviser and
Joint Broker
Roland Cornish [phone]
Shore Capital
Joint Broker
Jerry Keen
Beaufort Securities
Joint Broker
Jon Belliss
Buchanan (PR) [phone]
Ben Romney / Chris [phone]
Judd [phone]

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 geology, resource estimation and the oil and gas 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).

This information is provided by RNS

The company news service from the London Stock Exchange

END

[whoppy] 20/7/2017 08:31

Yes it's very poor. They have details and numbers but choose not to share it.
I wonder why??? They're obviously very poor figures and the arrears must be over 6 months or more.

[barony] 20/7/2017 08:27

Poor rns. Lower than expected output and reluctant payer. When is good news expected? More gas to supply the same poor payer?

[whoppy] 20/7/2017 08:27

No numbers in today's RNS. AEX and Solo keeping shareholders in the dark. Just creates more uncertainty and will ensure the share price declines further.

[paulhgreen] 20/7/2017 08:25

Yes why not mmmmmmmmmm

[come on] 20/7/2017 08:05

Should be in the accounts but why not just say

[dhelect] 20/7/2017 07:58

I thought I read ages ago that they were getting paid upfront ? May be wrong but I'm sure that was the case

[paulhgreen] 20/7/2017 07:43

No mention of how much they received or have I missed something

[simon8] 20/7/2017 07:37

I wonder how much cash the Tanzanians actually owe us, always a risk of doing business in Africa...they don't pay you.... guess ritson will be worrying, more woe on top of his self-inflicted problems...problem is those payments from Tz are supposed to cover ongoing G&A costs i.e. ritson's salary.....now that is serious Mr ritson, best pull your finger out!!!!!

[barony] 19/7/2017 15:05

Thanks Simon. I'll trickle buy in anticipation, but no big buys until something really solid.

[12bn] 19/7/2017 14:54

whoppy,that would probably send the share price up but a cash call is imminent and NR is still in charge.

[whoppy] 19/7/2017 14:34

LGO found a replacement. I'm sure Solo can.

[12bn] 19/7/2017 14:31

NR was well known on LGO/CERP for serial fund raising to keep the company going,it is not surprising that he is doing the same here,it is his MO. The tragic point is can the company survive if NR doesn't get green light for more dilution? If shareholders vote down his request for more cash will they be faced with administration here?

[whoppy] 19/7/2017 13:25

Yeah, Ritson lost all credibility, and has damaged the ability of the company to move forward. He's gotta go.