Solo Oil PLC (LON:SOLO) boss Neil Ritson is upgrading his chairmanship following his stepping down from the helm of Trinidad focussed LGO Energy PLC (LON:LGO).
At Solo, the Ritson will now be executive chairman (rather than non-executive).
It comes at a significant time for Solo which, according to the company, is gaining significant momentum behind its oil and gas assets, notably in Tanzania.
In East Africa, Solo has had success with the recent Ntorya appraisal well which confirmed a significant gas discovery and more recently it has taken a stake in a helium venture.
Closer to home, the company also has a stake in the Horse Hill discovery where long term production testing is scheduled to start later this year. Exploration is also anticipated on the group’s asset on the Isle of Wight.
"This change in role will enable me to dedicate more of my time towards the development of Solo's exciting portfolio,” Ritson said in a statement.
“The portfolio has progressed rapidly in recent months with the large gas condensate discovery in the Ruvuma Basin and the recent acquisition of an interest in the exciting pure play helium project in Tanzania.
“The company is entering a busy period of activity as we seek to monetise our interest in Ntorya and provide our technical expertise to advance the other assets within the portfolio.
“Solo's team has acquired an excellent, diverse portfolio of non-operated assets in various stages of development and I personally look forward to taking on a greater responsibility as we seek to extract maximum value from our historic and future investments on behalf of our shareholders."