Board Changes

RNS Number : 6513U

Solo Oil Plc

17 October 2014

 



For Immediate Release

17 October 2014

SOLO OIL PLC

("Solo" or the "Company")

Board Changes

Solo Oil Plc (AIM: SOLO) announces a number of changes to the Board of the Company with immediate effect.

Mr Neil Ritson has today been appointed as the Non-Executive Chairman of the Company. Mr Ritson has served as the Company's Executive Director since 6 December 2010 and replaces Mr David Lenigas who today retires from the Board and its committees.

Mr Lenigas has been the Company's Chairman since 30 January 2008 and to ensure Solo continues to benefit from his wide experience and knowledge of the London capital markets he will continue to advise the Board for a minimum period of twelve months through a consultancy agreement.

In addition, the Company announces the appointment of the two new Executive Directors to the Board - Mr Donald Strang and Mr Fergus Jenkins.

Mr Strang is a member of the Australian Institute of Chartered Accountants and has been in business over 20 years, holding senior financial and management positions in both publicly listed and private enterprises in Australia, Europe and Africa. Mr Strang has considerable corporate and international expertise and over the past decade has focused on mining and exploration activities in the oil and gas and natural resources sectors. He is currently a director of a number of AIM listed companies including Rare Earth Minerals Plc, Doriemus Plc, UK Oil & Gas Investments Plc and Polemos Plc.

Mr Jenkins is a Chartered Engineer with a Bachelor of Engineering degree in Mining Engineering and a Master of Engineering degree in Petroleum Engineering. He has 20 years of experience working in industry, initially in mining before moving to petroleum. MrJenkins worked in a variety of technical and increasingly senior managerial positions in mid-sized independent oil companies, including Enterprise Oil, LASMO, OMV (UK) Ltd and Afren plc and he currently serves as Chief Operating Officer to the AIM-traded Leni Gas & Oil plc.

Neil Ritson, Solo's Chairman, commented:

"I am delighted to be able to continue to guide the Company towards its investment goals.  We have a very exciting near-term future with the commercialization of our gas-condensate fields in Tanzania and our investment in Horse Hill.  I would like to thank David for his ongoing support and to welcome Fergus and Don to the Board."

David Lenigas commented:

"It has taken quite some years to transition Solo Oil from its previous life as a technology company, and I see the Company having a very bright future with its Tanzanian gas developments planned on its Ruvuma and Kiliwani North projects in Tanzania. The time has come to transition the board to one that will assist Neil convert Solo from what has been historically an exploration company to one that will soon be a producer."

Following these changes the Company's Board of Directors comprises of:

Neil Ritson - Non-Executive Chairman

Donald Strang - Finance Director

Fergus Jenkins - Technical Director

Sandy Barblett - Non-Executive Director

Additional disclosures on new Directors

Mr Donald Ian George Layman Strang, aged 46, has held the following directorships and / or partnerships in the past 5 years:

Current	Past
Polemos Plc	Leni Gas & Oil Plc
Stellar Resources Plc	Lonrho Plc (now Lonrho Ltd)
AfriAg Plc	Leni Trinidad Ltd
Doriemus Plc	CSS Stellar Plc (now Stellar Resources Plc)
Rare Earth Minerals Plc	Compania Petrolifera de Sedano S.L.
Octagonal plc	Strang Corporation Pty Ltd
UK Oil & Gas Investments plc
Evocutis Plc
Central African Investments Plc
Jubilee Gold Ltd
Naturally Wright Ltd
Rare Earth Resources Ltd

Mr Strang does not currently own any shares or options in the Company.

There are no further disclosures on Mr Strang as required under Schedule Two (g) (i)-(viii) of the AIM Rules.   

Mr Fergus Bruce Jenkins, aged 44, has held the following directorships and / or partnerships in the past 5 years:

Current	Past
Columbus Energy Services Limited	None
Goudron E&P Limited
Leni Trinidad Limited
Leni Trinidad Holdings Limited

Mr Jenkins has options to subscribe for 15 million ordinary shares in the Company at a price of 0.5 pence per share expiring on 31 December 2020. Mr Jenkins does not currently own any shares in the Company.

There are no further disclosures on Mr Jenkins as required under Schedule Two (g) (i)-(viii) of the AIM Rules.   

For further information:

Solo Oil plc Neil Ritson	[phone]
Beaumont Cornish Limited Nominated Adviser and Joint Broker Roland Cornish	[phone]
Old Park Lane Capital Plc Joint Broker Michael Parnes	[phone]
Shore Capital Joint Broker Pascal Keane Jerry Keen (Corporate Broker)	[phone]
Bell Pottinger                            Public Relations Mark Antelme Henry Lerwill	[phone]

 

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