Solo Oil Snapshot
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 which are based in the Americas, Europe or Africa. Both on-shore and off-shore interests will be considered. The intention is to acquire a widely distributed mix of oil and gas development and production assets.
The Company may invest by way of outright acquisition or by the acquisition of assets, including the intellectual property, of a relevant business, partnerships or joint venture arrangements. Such investments may result in the Company acquiring the whole or part of a company or project (which in the case of an investment in a company may be private or listed on a stock exchange, and which may be pre-revenue), and such investments may constitute a minority stake in the company or project in question. The Company’s investments may take the form of equity, joint venture debt, convertible instruments, licence rights, or other financial instruments as the Directors deem appropriate.
The Company will be both an active and a passive investor. The Company intends to be a long-term investor and the Directors will place no minimum or maximum limit on the length of time that any investment may be held.
There is no limit on the number of projects into which the Company may invest, nor the proportion of the Company’s gross assets that any investment may represent at any time and the Company will consider possible opportunities anywhere in the world.
All of the Company’s assets will be held in its own name, or through wholly owned subsidiaries.
Solo Oil and its directors and consultants are currently looking to acquire oil and gas exploration, development and production companies and single assets in the Americas, Europe and Africa with a view to building a diverse portfolio of quality Hydrocarbon assets. We are considering both onshore and offshore and aim to maximise returns to Solo Oils investors.
Information on the Ruvuma PSA
The Ruvuma PSA originally covers 12,360 square kilometres in the extreme south-east of Tanzania of which roughly 80% is onshore and 20% offshore when first granted in October 2005. Within the PSA are two specific, adjoining licence areas, known as Lindi and Mtwara. Following the first exploration period and an extension 50% of the area was relinquished and the remaining PSA covers 6,079 square kilometres.
Prior to the award of the current PSA 1153 kilometres of 2D seismic had been acquired in the area of the PSC between 1981 and 2002. No wells had been drilling within the boundaries of the PSA, but a well at Lukeledi-1 to the north had been drilled by Texaco in 1992 and the Mnazi Bay-1 well to the southeast had been drilled by Agip in 1982. Following award of the PSA Ndovu Resources, a subsidiary of Aminex, acquired 370 kilometres of offshore seismic in the Lindi Block and a further 430 kilometres of 2D seismic onshore in the Lindi and Mtwara Blocks.
The first well under the Ruvuma PSA was been drilled in 2010 on the Likonde prospect. Likonde-1 is located in the Lindi Block and encountered thick sands with hydrocarbon shows. The well was drilled to a total depth of 3,647 metres and results of drilling, wireline logs and side-wall coring showed that the well intersected two sandstone intervals of over 250 metres (820 feet) combined thickness with evidence of residual oil and gas. Drilling had to be terminated in the deepest objectives due to the high rate influx of gas.
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Investment in Reef Resources Ltd
In April 2010, Solo agreed commercial terms for a CDN$1,650,000 participating loan agreement with Reef Resources Limited, a Toronto listed public company, for the financing of the development of a proven oil and gas production asset in Ontario centred on the Ausable Field. Solo would receive 60% of net post tax production revenue until loan repayment and 50% net earnings thereafter from the funded developments. A Solo representative was entitled to join the Board of Reef and in September 2010 Mr David Lenigas was appointed as a Director to provide commercial and operational advice.
Following the successful drilling of a crestal well; Ausable#5, in early 2011 and the re-establishment of commercial production at Ausable, Solo converted the participating loan to a 23.8% direct working interest in all the Reef owned Ontario properties and obtained an option agreement to acquire a further 14.3%, to a total of interest of 38.1%, through investing a further CDN$1.5 million in the Reef properties. In June 2012 Solo had invested a further CDN$500,000 and held a 28.56% working interest. The remaining 9.53% interest in the properties was still subject to the option agreement and ongoing discussions between the parties.
The Ausable#5 well was drilled in early 2011 to a total depth of 615 metres and showed excellent net oil pay of 72 metres in the centre of the reef. The Ausable reef structure is estimated to contain overall liquid hydrocarbon resources of 8.9 million barrels oil equivalent in-place. Based on other analogous gas cycling schemes in Canadian reefs, such as Golden Spike Field, it is expected that recovery rates in excess of 70%, and potentially as high as 90%, can be achieved.
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MR. LENIGAS HOLDS A BACHELOR OF APPLIED SCIENCE DEGREE IN MINING ENGINEERING.
He has extensive experience operating in the public company environment and is currently the Executive Chairman of Leni Gas and Oil plc, AfriAg plc, Rare Earth Minerals plc and Stellar Resources plc. Previously Mr. Lenigas held the position of Chairman of Mediterranean Oil and Gas plc, which is producing gas and condensate in Italy and holds extensive oil and gas resources in Italy, Malta, Tunisia and France. Mr. Lenigas is a member of both the Audit and Remuneration committees.
MR. RITSON HOLDS A BACHELORS DEGREE IN GEOPHYSICS.
He has worked in the energy sector for over 35 years, initially with BP plc, where he held the roles of International Chief Geophysicist, Head of Geoscience Research and Business Unit Leader for both Norway and Alaska Exploration. Subsequently Mr. Ritson managed the international operations of Burlington Resources Inc. and more recently he was CEO at Regal Petroleum plc before founding the Vanguard Energy Group where he was Chairman and CEO.
MR BARBLETT HOLDS A BACHELOR OF BUSINESS AND A BACHELOR OF LAWS
Mr. Barblett is a partner in the London based corporate finance company, Ironbridge Capital Partners. He has over 20 years senior management experience working with private and publicly listed companies. He has worked in the UK, US and Hong Kong. He has advised companies on raising private equity and general fund raising, corporate strategy and mergers and acquisitions. He previously worked for Minter Ellison as a solicitor, is a member of the Australian Institute of Company Directors and is also a director of ASX listed Monteray Mining Group Limited.
Information taken from Company website 28.08.2014
Solo Oil plc,
38 Jermyn Street
T. 020 7440 0642
F. 020 7440 0641
NOMAD & Joint Broker:
Beaumont Cornish Limited,
2nd Floor Bowman House,
29 Wilson Street,
London, EC2M 2SJ.
Shore Capital Limited,
Bond Street House,
14 Clifford Street,
London, W1S 4JU.
Old Park Lane Capital Plc,
49 Berkeley Square,
Chapman Davis LLP,
London, SE1 1HH.
Pelham Bell Pottinger Limited,
5th Floor, Holborn Gate,
330 High Holborn,
London, WC1V 7QB.
Share Registrars Limited,
Suite E, First Floor,
9 Lion and Lamb Yard,
Surrey. GU9 7LL.
Kerman and Co LLP,