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Solo Oil plans 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.

+44 (0)20 7016 5107
Floor 5, 22 Arlington Street, London SW1A 1RD.
Super Sector:
Oil & Gas Producers
Exploration & Production
EPIC / Symbols:
*subject to change and depends on individual circumstances.

Solo Oil RNS Press Releases

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Solo Oil Articles, News, and Media Files

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Solo Oil Related Media

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Broker press

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  • 28/02/12

    Press: 28.02.12: -0.06, (0.67) Press: Solo Oil fell after issuing 38.5m shares, at 0.65p per share, to fund a GBP250,000 drawdown from its... read more

  • 07/02/12

    Press: 07.02.12: -0.17, (0.58) Press: Aminex and Solo Oil fell after an update from their joint-operated Ntorya-1 well in Tanzania, of which... read more

  • 08/10/11

    Press: 08.10.11: -0.77, (0.00) Press: Solo Oil rose after its joint venture partner Reef Resources said a well at their Ausable project in... read more

  • 01/09/11

    Press: 01.09.11: -0.04, (0.96) Press: Solo Oil fell after an update from its Ausable oilfield in Canada, operated by joint venture partner Reef... read more

  • 13/04/11
    +0.54 +1.00

    Press: Solo Oil rose after announcing ?extremely encouraging? results from the Aurable Number 5 well in south western Ontario, Canada. Source - Mail

Director dealings

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Date Director Trans Amount Type Price(p) Value (£) Holding %
12/05/14 N. Ritson BUY 3,000,000 ORD 0.18 5,400 33,000,000 0.72
26/04/12 N. Ritson BUY 4,000,000 ORD 0.54 21,600 21,000,000 0.82
08/12/10 N. Ritson BUY 1,000,000 ORD 0.39 3,900 17,000,000 0.82
07/12/10 N. Ritson BUY 16,000,000 ORD 0.39 62,400 16,000,000 0.77
26/06/09 D.A. Lenigas BUY 1,350,000 ORD 0.65 8,775 1,350,000 0.17


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Date Type Turnover Profit EPS (p) Dividend (p) Currency
31/12/13 Full year 0.00 -3.12 -0.08 0.00 GBX
30/06/13 Interim 0.00 -0.43 -0.01 0.00 GBX
31/12/12 Interim 0.00 -0.69 -0.02 0.00 GBX
30/06/12 Full year 0.00 -1.02 -0.04 0.00 GBX
31/12/11 Interim 0.00 -0.49 -0.02 0.00 GBX

Company Statement

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.


Current Operations


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. 


For more information please click here



Investment in Reef Resources Ltd ( Reef )
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. 


For more information please click here




David Lenigas (Executive Chairman)
Mr. Lenigas holds a Bachelor of Applied Science (Mining Engineering) from Curtin University's Kalgoorlie School of Mines. Mr Lenigas has extensive operational and corporate experience in managing companies within the oil and gas, gold, coal and other natural resources sectors and currently and is the Executive Chairman of Leni Gas and Oil plc, Lonrho plc, LonZim plc, and Templar Minerals Ltd. He is a Director of Vatukoula Gold Mine 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.

Neil Ritson (Executive Director)
Mr. Ritson has over 30 years experience working in the energy industry including 23 years with BP plc where he held roles as International Chief Geophysicist and Strategic Business Unit Manager in both Norway and Alaska. In 1999 he was appointed to run the Burlington Resources Inc. businesses in North Africa before becoming Vice President UK in 2001 and VP International in 2003. Mr. Ritson founded an energy sector consultancy business in 2004 before being recruited as Chief Executive Officer of the UK AIM listed company Regal Petroleum plc in July 2006. He resigned from Regal in late 2007 and founded Vanguard Energy. He is also a director of PetroEnergy Limited and Enovation Resources Ltd and the Chairman of Trustees of the Kensington Symphony Orchestra.


Sandy Barblett ( Non-executive Director)
Mr Barblett currently works for Charter Pacific Corporation an ASX listed investment company and has over 15 years senior management experience working with private and publicly listed companies. He was a partner in the corporate finance boutique Ironbridge Capital Partners based in London. Formerly he was employed by Pace plc the leading developer for the global pay TV industry. In his 10 years with Pace he worked in the UK, US and Hong Kong. He has advised a number of companies both private and listed on raising private equity and general fund raising, corporate strategy and mergers and acquisitions. He has a bachelor of business from Curtin University of Technology in Perth, Western Australia and a bachelor of laws from the University of Queensland; he previously worked for Minter Ellison as a solicitor. Mr Barblett is a member of both the Audit and Remuneration committees.


Major Shareholders


*The Deferred shares have a par value of 0.69 pence each these shares carry no right to receive any dividend or other distributions in respect of any financial year or other period of the company


Information taken from Company website 13.12.2012

  • Additional Information
    Share Price
    4,775.30 m
    Avg. Vol
    Mkt Cap
    £16.24 m
  • Latest Stocktube

    Solo Oil seeks more data before onshore drilling in Ruvuma

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  • Contact Information

    Solo Oil plc,
    Suite 3B,
    Princes House,
    38 Jermyn Street
    SW1Y 6DN

    Telephone: 020 7440 0642
    Fax: 020 7440 0641

    Corporate Information


    Nominated Adviser: 

    Beaumont Cornish Limited,

    2nd Floor Bowman House,

    29 Wilson Street,


    EC2M 2SJ


    Corporate Broker:

    Beaumont Cornish Limited

    2nd Floor,

    Bowman House,

    29 Wilson Street,


    EC2M 2SJ


    Auditors and Reporting Accountants:

    Chapman Davis LLP 2

    Chapel Court,


    SE1 1HH


    Public Relations:

    Pelham Bell Pottinger

    5th Floor, Holborn Gate,

    330 High Holborn,


    WC1V 7QB



    Share Registrars Limited,

    Suite E,

    First Floor,

    9 Lion and Lamb Yard,



    GU9 7LL



    Kerman and Co LLP

    200 Strand


    WC2R 1D


    Joint Corporate Broker

    Shore Capital Group Limited

    Bond Street House,

    14 Clifford Street,


    W1S 4JU


    Joint Corporate Broker

    Old Park Lane Capital Plc.

    49 Berkeley Square, 


    W1J 5AZ


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