Share Name Share Symbol Market Type Share ISIN Share Description
Solo Oil Plc LSE:SOLO London Ordinary Share GB00BF1BK408 ORD 0.20P
  Price Change % Change Share Price Shares Traded Last Trade
  0.00 0.0% 2.425 0.00 01:00:00
Bid Price Offer Price High Price Low Price Open Price
0.00 0.00 0.00 0.00 0.00
Industry Sector Turnover (m) Profit (m) EPS - Basic PE Ratio Market Cap (m)
Oil & Gas Producers -1.67 -0.33 15
Last Trade Time Trade Type Trade Size Trade Price Currency
- O 0 0.00 GBX

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DateSubject
22/10/2019
09:20
Solo Oil Daily Update: Solo Oil Plc is listed in the Oil & Gas Producers sector of the London Stock Exchange with ticker SOLO. The last closing price for Solo Oil was 2.43p.
Solo Oil Plc has a 4 week average price of 1.60p and a 12 week average price of 1.15p.
The 1 year high share price is 2.48p while the 1 year low share price is currently 1.15p.
There are currently 631,704,129 shares in issue and the average daily traded volume is 0 shares. The market capitalisation of Solo Oil Plc is £15,318,825.13.
21/10/2019
20:46
dhelect: Guess if AEX get there licence while Solo are suspended that will boost the share price on return as well?
17/10/2019
08:40
edgein: Paul, Well that will depend on personal circumstances for each holder, some may not be able to afford to take up more in the open offer. Also SOLO has had a mixed history and a long wait for progress in Tanz that may also put some off. They're looking to get around 30m Euro so 18m from loan suggests circa 12m from cash/open offer. It depends on the price of those and how close it is to the current share price. Will it be circa 400m shares at 2.5p, or will it be closer to 200m shares at 5p? That would also influence some decision making. Personally I did rather well on these on the build up to N-2 drilling and testing. I have an average circa the current share price, probably about 2.2p and plan to take up a few in the oo. But I'm not sure everyone else will though, depends on personal circumstances. I'd expect the oo to be fully underwritten so it shouldn't matter anyway. Regards, Ed.
27/9/2019
10:52
canigou2: These two snippets are very important IMHO: - "The Company is fully funded for its share of the Chikumbi-1 well" - "Solo continues to monitor its investment in He1 closely as it progresses to public market in 2H 2019 and advances the planned drilling programme in early 2020." They will need funds, inevitable for a small cap, but after the results from the Chikumbi-1 well and He1 drilling is much better timing, when hopefully the share price is many multiples of where it is now! GLA
24/7/2018
15:52
stonefold: Estimated profit example for investing £100 in each of the seven Horse Hill companies. HH = Horse Hill = PEDL 137 and PEDL 246 This calculation uses figures and assumptions which may be incorrect. It ignores: Share price spread. Brokers costs Exchange rate cost Tax Any ordinary shares that these companies hold in each other. Inter-company loans. Debts and liabilities for Horse Hill or other projects the companies are involved in. Fund raising that may occur. The total number of shares in issue may change due to options, warrants or placings. Some or all of the HHDL partners may sell early for a lower price. The other projects/assets of the companies may change in value. 100% of an assets value is not reflected in the share price. That TELL’s costs to the operator HHDL are carried by all the other partners in HHDL until production starts. Once production starts then TELL’s carry cost debt is gradually repaid to all the HHDL partners from TELL’s share of the production revenue. Also the new valuation figure for Horse Hill I have plucked out of thin air, is based on assumptions: That the EWT will be successful. That the field moves quickly into production. That the estimated recoverable reserves are as I expect. That the £ $ exchange rate and price of oil does not change. £ $ 1.3123 £ Aus$ 1.77154 Oil $71.03 bbl 1. Ticker == Shares issued == Current share price pence DOR == 50,420,109 == 9.596 SOLO == 471,953,594 == 2.495 ALBA == 2,848,614,934 == 0.595 PRIM == 2,796,619,343 == 0.167 GUN == 4,882,924,490 == 0.045 UKOG == 5,207,240,526 == 2.17 TELL == 240,520,000 == 594.376 2. Ticker == % of Horse Hill that each company owns DOR == 6.5 SOLO == 9.75 ALBA == 11.765 PRIM == 3.25 GUN == 1.3 UKOG == 32.435 TELL == 35.0 3. 100% of Horse Hill was last valued at £30,769,230 when SOLO bought 5% of HHDL for £1 million. Ticker == Last value of Horse Hill that each company owns £. DOR == 1,999,999.95 SOLO == 2,999,999.93 ALBA == 3,619,999.91 PRIM == 999,999,98 GUN == 399,999.99 UKOG == 9,979,999.75 TELL == 10,769,230.50 4. For each company the mcap. is made up in part by the last HH value and by the other value of projects/assets that company holds. Ticker == mcap £ == Other value £. DOR == 4,838,313 == 2,838,313.71 SOLO == 11,775,251 == 8,775,251.23 ALBA == 16,949,258 == 13,329,258.95 PRIM == 4,670,354 == 3,670,354.33 GUN == 2,197,316 == 1,797,316.03 UKOG == 112,997,119 == 103,017,119.66 TELL == 1,429,593,155 == 1,418,823,924.70 5. If you now buy £100 worth of shares in each of the seven HH companies, that £100 would consist of: Ticker == last HH value £ == Other value £ DOR == 41.34 == 58.66 SOLO == 25.48 == 74.52 ALBA == 21.36 == 78.64 PRIM == 21.41 == 78.59 GUN == 18.20 == 81.80 UKOG == 8.83 == 91.17 TELL == 0.75 == 99.25 6. For the sake of this calculation the other value remains unchanged. Following a successful EWT, confirmation of commerciality and recoverable reserves, and Near to the start of production the new value of HH by my estimate would be £100 million. This would give an increase figure for the value of the HH part of the £100 invested. From which a profit figure can be produced. Ticker == new HH value £ == Other value £ == New Total £ == Profit £ DOR == 134.34 == 58.66 == 193.01 == 93.01 SOLO == 82.80 == 74.52 == 157.32 == 57.32 ALBA == 69.41 == 78.64 == 148.06 == 48.06 PRIM == 69.59 == 78.59 == 148.18 == 48.18 GUN == 59.16 == 81.80 == 140.96 == 40.96 UKOG == 28.70 == 91.17 == 119.87 == 19.87 TELL == 2.45 == 99.25 == 101.69 == 1.69 7. This gives the implied new mcap. and new share price Ticker == mcap. £ == New Share Price pence DOR == 9,338,313.71 == 18.521 SOLO == 18,525,251.23 == 3.925 ALBA == 25,094,258.95 == 0.881 PRIM == 6,920,354.33 == 0.247 GUN == 3,097,316.03 == 0.063 UKOG == 135,452,119.66 == 2.601 TELL == 1,453,823,924.70 == 604.450 Only for entertainment - DYOR [Edited to correct wrong figures: ] (section 4 -other values £) (section 7 -new mcap £) (section 7 -new share price pence) Also Estimated recovery factor 30% Which gives Estimated recoverable reserves 3,900,000 bbl. oil
18/7/2018
20:45
stonefold: Comparative dividends If I've got the figures correct then the answer to the question: Which company would give the highest gross dividend per share as a percentage of the current share price , for each £1.0 million worth of value/income from Horse Hill, if a dividend were to be paid today? I have ignored that PRIM have 2.99% of the shares in ALBA as it is too small to make a difference. This ranking ignores any other assets, cash or debts that should be considered when comparing the value of the companies. It is valid until the share price changes or the number of shares in issue changes. It is just for entertainment DYOR. ==== Company == Ticker == % of HHDL == HHDL % of HH == T % of HH Doriemus Plc == ASX - DOR == 10.0 == 6.5 == 0.0 Alba mineral res. plc == LSE - ALBA == 18.1 == 11.77 == 0.0 Solo Oil plc == LSE - SOLO == 15.0 == 9.75 == 0.0 Gunsynd plc == LSE - GUN == 2.0 == 1.30 == 0.0 Primorus invest plc == LSE - PRIM == 5.0 == 3.25 == 0.0 UK Oil Gas plc == LSE - UKOG == 49.9 == 32.44 == 0.0 Tellurian inc == nasdaq-TELL == 0.0 == 0.0 == 35.0 Total == / ==100.0 == 65.0 == 35.0 ======================= Ticker == £ Value for company per == shares == Pence Dividend per share . == £1.0 million worth of HH == issued == per £1.0 million worth of HH DOR == 65,000 == 50,420,109 == 0.12892 ALBA == 117,650 == 2,848,614,934 == 0.00413 SOLO == 97,500 == 471,953,954 == 0.02066 GUN == 13,000 == 4,882,924,490 == 0.00027 PRIM == 32,500 == 2,796,619,343 == 0.00116 UKOG == 324,350 == 5,207,240,526 == 0.00623 TELL == 350,000 == 240,520,000 == 0.14552 Total == 1,000,000 == / == / ======================= Ticker == Pence current share price == Dividend as % of current share price DOR == 8.77 == 1.46998 ALBA == 0.45 == 0.91779 SOLO == 2.60 == 0.79457 GUN == 0.04 == 0.66558 PRIM == 0.20 == 0.58106 UKOG == 2.50 == 0.24915 TELL == 595.75 == 0.02443 ============================
14/3/2018
12:01
bobmonkeyhouse: LSE:SOLO Solo Oil Share News (SOLO) 2 Follow SOLO 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 -0.05p -1.31% 3.775p 3.65p 3.90p 3.825p 3.775p 3.775p 233,659 08:29:27 Industry Sector Turnover (m) Profit (m) EPS - Basic PE Ratio Market Cap (m) Oil & Gas Producers 0.0 -0.5 -0.0 - 17.34 Print Alert Solo Oil Plc Holding(s) in Company 14/03/2018 7:32am UK Regulatory (RNS & others) Solo Oil (LSE:SOLO) Intraday Stock Chart Today : Wednesday 14 March 2018 Click Here for more Solo Oil Charts. TIDMSOLO RNS Number : 6715H Solo Oil Plc 14 March 2018 For immediate release 14 March 2018 Solo Oil Plc ("Solo" or the "Company") Holding(s) in Company The Board of Solo announces that the Company has received the following TR-1 notification which is set out below without amendment. For further information: Solo Oil plc Neil Ritson / Dan Maling +44 (0) 20 7440 0642 Beaumont Cornish Limited Nominated Adviser Roland Cornish/Rosalind Abrahams +44 (0) 20 7628 3396 Shore Capital Broker Jerry Keen +44 (0) 20 7408 4090 Buchanan (PR) Ben Romney / Chris Judd / Henry Wilson +44 (0) 20 7466 5000
03/3/2018
18:42
stonefold: The Beaufort saga should have zero effect on the SOLO share price. With regard to SOLO Http://www.londonstockexchange.com/exchange/news/alliance-news/detail/1520000308138005500.html 02-03-2018 Only Nu-Oil & Gas PLC and Kibo Mining PLC reported that their recent placings (which had been arranged by Beaufort) were uncertain and none of the fundraising proceeds had yet been received. SOLO did not state which broker arranged their placing, they did not say that they have not received the placing money. Therefore the impression given by SOLO is that the fundraising was successful, that the £2 million has been received by SOLO and that the new placing shares will be admitted as planned on 08-03-2018. SOLO only sort to raise £2 million. They succeeded in raising that amount. Primary bid was a token gesture to placate those who might moan about not having the opportunity to take part in fundraisings.
19/5/2017
16:58
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
07:31
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
12/4/2017
14:08
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.
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