Placing of Equity and TVR

RNS Number : 0172X

Solo Oil Plc

16 February 2017

 

16 February 2017

Solo Oil Plc

("Solo" or the "Company")

Placement of Equity and TVR

The Directors of Solo Oil plc (SOLO: AIM) are pleased to announce that the Company has raised £2,000,000 (before expenses) through a Company sponsored placing (the "Placing") of 400,000,000 new ordinary shares of 0.01p (the "Placing Shares") at a price of 0.50p per Placing Share (the "Placing Price") representing approximately 5.7% of the issued share capital prior to Admission of the Placing Shares.  

The net proceeds from the Placing will be used to fund the Company's share of the imminent well testing programme for the recently drilled Ntorya-2 appraisal in Tanzania and the analysis of future development options for the Ntorya discovery, where Aminex plc is the operator.  Solo holds a 25% working interest in the Ruvuma Petroleum Sharing Agreement and in the Ntorya gas and condensate discovery.

Neil Ritson, Non-Executive Chairman, commented:

"The Company is looking forward to the flow test results from the Ntorya-2 gas discovery in the coming weeks. Following the flow testing the joint venture partners will define the forward development programme for the Ntorya discovery and are expecting to apply for a 25-year development licence."

Application for Admission and total voting rights

Application will be made for the Placing Shares to be admitted to trading on AIM ("Admission"). Admission is expected to occur at 8.00 a.m. on Thursday 23 February 2017. The Placing is conditional on Admission and the Placing Shares will, on Admission, rank pari passu with the Company's existing ordinary shares of 0.01p each ("Ordinary Shares"). Following the issue and Admission of the Placing Shares, the Company's share capital will comprise 7,387,691,682 ordinary shares of 0.1p each.

The above figure of 7,387,691,682 Ordinary Shares may be used by shareholders in the Company as the denominator for the calculations by which they will determine if they are required to notify their interest in, or a change to their interest in, the share capital of the Company under the Financial Conduct Authority's Disclosure and Transparency Rules.

The Market Abuse Regulation ("MAR") became effective from 3 July 2016. Market soundings, as defined in MAR, were taken in respect of the Fundraise with the result that certain persons became aware of inside information, as permitted by MAR. That inside information is set out in this announcement and has been disclosed as soon as possible in accordance with paragraph 7 of article 17 of MAR. Therefore, those persons that received inside information in a market sounding are no longer in possession of inside information relating to the Company and its securities.

 Qualified Person's Statement:

The information contained in this announcement has been reviewed and approved by Neil Ritson, Chairman and Director of Solo Oil plc who has over 38 years of relevant experience in the energy sector. Mr. Ritson is a member of the Society of Petroleum Engineers, an Active Member of the American Association of Petroleum Geologists and a Fellow of the Geological Society of London.

Solo Oil plc Neil Ritson Daniel Maling	[phone]
Beaumont Cornish Nominated Adviser Roland Cornish	[phone]
Shore Capital Joint Broker Jerry Keen Edward Mansfield Beaufort Securities Joint Broker Jon Belliss Cassiopeia Services Ltd Investor and Media Relations Stefania Barbaglio	[phone] [phone] [phone]

Glossary:

discovery

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

 

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