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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...Read more
Solo Oil executive director Neil Ritson buys 4 mln sharesApril 27 2012, 2:37pm
Solo Oil (LON:SOLO) said it was informed that executive director Neil Ritson bought 4 million company shares yesterday at an average price of 0.54 pence.
This purchase takes Ritson's total holding to 21 million shares, or 0.82 per cent of the capital.
He also holds 40 million options exercisable at 0.5 pence each that expire on December 21 2012.
Earlier this month, Solo reported continued progress at its Canadian enhanced oil recovery project.
The project is operated by Reef Resources (CVE:REE). Solo has a 38.1 per cent stake in the Ausable Reef venture, as a result of a loan it made to Reef in April 2010.
The Ausable Reef EOR project reached an important milestone this week as gas injection began, using bought in gas, to start building pressure in oil reservoirs, thereby maximising oil and gas condensate production.
"The provision of utility gas to the Ausable field is a major milestone in the EOR program and confirms our confidence that production will rise steeply in the second half of 2012 towards the anticipated 500 bopd year end exit rate,” Ritson had told investors.