Solo Oil PLC (LON:SOLO)

Solo Oil PLC (LON:SOLO)


Share Price
1.50 p
Change
-0.025 (-1.64 %)
Market Cap
£9.48 m
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Solo Oil PLC

Solo’s Investing Policy is to acquire a diverse global portfolio of direct and indirect interests in exploration, development and production oil and gas assets, with an on-shore focus in politically stable countries.

EPIC: SOLO
Market: AIM:SOLO
52-week High/Low: 4.99p / 1.41p
Sector: Oil & Gas
Market Cap: 9.48M
Website: www.solooil.co.uk
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Big picture - Why invest in Solo Oil PLC


Solo Oil PLC Snapshot

Solo’s Investing Policy is to acquire a diverse global portfolio of direct and indirect interests in exploration, development and production oil and gas assets, with an on-shore focus in politically stable countries.

Portfolio

Africa 

Tanznia 

HELIUM ONE

BACKGROUND

In March 2017, Solo acquired a 10% interest in Helium One Limited (Helium One) for a total consideration of £2.55 million in cash and shares. Subsequently Solo assisted Helium One through a Technical Services Agreement which allowed Solo to increase its holding to 15%. In mid-2018 Helium One raised US$2 million in pre-drill funding with Solo’s holding now approximately 13.8%.

HIGHLIGHTS

Early entry into the global helium market estimated to be worth over US$6 billion annually
Solo management team are supporting Helium One by applying experience from hydrocarbon exploration to helium play development in Tanzania.
Major helium global supply from US Federal Reserve is being sold off and is expected to be fully depleted by 2021. Next largest producers are Qatar and Algeria which produce helium as a by-product of LNG.
Worldwide demand growth caused by expansion in use of MRI scanners and other scientific, communications and computing equipment, as well as lighter than air lifting and transport.
Strong pricing dynamics with current crude helium prices of 30 to 50 times those of hydrocarbon gas.
Helium One's Rukwa Project in Tanzania has independently estimated by Netherland, Sewell and Associates Inc. (NSAI) to contain unrisked most likely prospective recoverable helium volumes close to 100 billion cubic feet (bcf), equivalent to over 10 years' current global demand.

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RUVUMA PSA

The Ruvuma Petroleum Sharing Agreement (PSA) in the south-east of Tanzania was first granted in October 2005. The PSA was originally composed of two licences, Lindi and Mtwara, and covered an area of over 6,000 square kilometres partially offshore, but largely onshore in the largely untested Ruvuma Basin. Following several statutory relinquishments the PSA is now composed of only the Mtwara Licence which contains the Ntorya Appraisal Area over the Ntorya gas-condensate discovery which is now subject to an application for a 25-year development licence.

 

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KILIWANI NORTH

BACKGROUND

With the flow of gas from Kiliwani North Solo achieved its first commercial production in Africa. Kiliwani North Development Licence (KNDL) is located on Songo Songo Island in Tanzania, East Africa, and contains the Kiliwani North-1 (KN-1) well which has reached up to 30 million cubic feet per day (equivalent to more than 5,000 barrels of oil per day) on test in July 2016.

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Nigeria 

Solo holds a interest of 20% in UK registered investment company Burj Petroleum Africa Limited (“Burj Afica”).

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Europe 

HORSE HILL

BACKGROUND

In February 2014, the Company announced that it had entered into a share acquisition agreement with Horse Hill Development Limited (HHDL), a special purpose company that had acquired the rights to a 65% participating interest and operatorship in licence PEDL137 onshore in the UK Weald Basin.

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North America 

Reef Resources 

Solo holds a 28.56% interest in approximately 23,500 acres of petroleum leases in southern Ontario which contain a number of Ordovician-age reefal structures which contain variously oil, gas and condensate.

Production from the Ausable Field was re-established in 2011 at which time Solo converted its original participative loan in TSX listed Reef Resources Inc. into direct equity in the leases which contain the Ausable and other fields.  Through a number of subsequent transactions Solo increased its interest to 28.56% and also held addition options to increase its position further to 38.1%.  Operating difficulties and a lack of funding within Reef Resources lead to a suspension of operations in late 2012.  Reef Resources has subsequently delisted and Solo have looked to source opportunities to revitalise the operations on the Ontario properties.

 

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MR. FERGUSON - NON-EXECUTIVE CHAIRMAN

Mr Ferguson is a Chartered Engineer and holds an BSc. (Hons.) in Mining Engineering from the University of Strathclyde and an MBA from the University of Warwick. He is a member of the Institute of Mining and Metallurgy, whos started his career in 1978 and as drilling and petroleum engineer with BP and took up the role of Operations Manager at Wytch Farm in 1987. From there, he progressed to hold a wide variety of senior operational and business roles globally during the 1990s, before, in 2000, being appointed Chief Executive of BP's PetroChina joint venture, negotiating the JV framework agreement, gas marketing initiative and leading the integrated team which worked on the evaluation and negotiation of the West-East Pipeline project. Following roles as business unit leader in China, Middle East, East Mediterranean and India, Alastair moved to Moscow at the time of the TNK BP merger in 2003, progressing to Executive Vice President for Gas and Power. He was responsible for leadership and development of TNK BP's gas and power business in Russia and Ukraine; strategy and planning, trading, major new gas projects and associated gas business.

MR. MALING - MANAGING DIRECTOR

Daniel (“Dan”) Maling has over 15 years of senior commercial management experience primarily in the oil and gas and resources sectors. Dan has worked with several AIM, ASX and TSX listed companies providing corporate finance, business development and corporate governance advice. Having joined the board  as Finance Director in August 2016 he is also the Solo representative on the Helium One board. Dan is a member of the Chartered Accountants Australia & New Zealand.

MR. FITZPATRICK - NON-EXECUTIVE DIRECTOR

Mr Fitzpatrick is a qualified corporate lawyer, petroleum economist, investment banker and energy sector adviser. He began his career in 1994 as a research associate at the Centre for Energy, Petroleum, Mineral Law and Policy at the University of Dundee. Recruited to Arthur Andersen, Jon continued to expand his sector expertise and in 2000 he joined Brewin Dolphin Investment Bank.  From 2008 to 2014 he held senior posts at Cenkos Securities plc before moving to Macquarie Capital where he was Senior Managing Director and Head of Natural Resources for Europe, Middle East and Africa. In 2016, Jon founded Gneiss Energy, an advisory practice operating exclusively within the energy and resources sectors.

MR. STRANG - NON-EXECUTIVE DIRECTOR

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 was Finance Director before the appointment of Daniel Maling and he is currently a director of a number of AIM listed companies including Cadence Minerals Plc and Doriemus Plc.

  Number of Shares
Oustanding warrants

3,547,129

Outstanding options 

29,600,000

Total shares on issue 459,453,669
Total shares on issue (fully diluted)

492,600,798

% of securities not in public hands 16%

In addition the Company has 265,324,634 deferred shares of 0.69p each.  These deferred shares are non-voting, are not admitted to trading on AIM and are not entitled to any participation in the profits or the assets of the Company.  These shares resulted from the reverse takeover of Emersion Technology International plc and have no material significance to the current publicly traded shares. 

Last update 21/05/2018

 

Solo Oil plc
Princes House
38 Jermyn Street
London
SW1Y 6DN

T. 020 7440 0642
E. [email protected]

Key advisors

NOMAD & Broker:
Beaumont Cornish Limited,
2nd Floor Bowman House,
29 Wilson Street,
London, EC2M 2SJ.

Share Registrars:
Share Registrars Limited,,
Suite E, First Floor,
9 Lion and Lamb Yard,
Farnham, Surrey. GU9 7LL.
Investor Relations:
Buchanan Communications Ltd
107 Cheapside,
London EC2V 6DN.

Auditors:
Chapman Davis LLP,
Chapel Court,
London, SE1 1HH.

Solicitors:
Hill Dickinson
The Broadgate Tower,
20 Primrose Street,
London, EC2A 2EW.

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