leadf
logo-loader
viewSolo Oil PLC

Solo Oil expects transformative second half

Efforts to find and secure a new venture continue.

Solo Oil PLC - Solo Oil expects transformative second half

Solo Oil PLC (LON:SOLO) told investors that it expects the second half of the year will be transformative as it continues to pursue a strategic evolution.

It is presently focussed on business development activities, seeking to underpin the company with high quality, cash generative assets in the European energy market. 

READ: Solo Oil is exploring options for Tanzania assets

At the same time, it has explored value realisation opportunities from its asset portfolio.

"While the world and industry have faced turbulent times, the board has taken the opportunity to augment its strategic plan to focus our search for our initial asset acquisition on European energy assets that generate cash and are supportive of the overall markets move to a de-carbonized energy market in Europe,” said chief executive Alastair Ferguson.

He added: “During the period, the company has secured an appropriate funding structure through the investment facility it put in place with Prolific Basins LLC, a US based specialist energy investor.

“The board felt that this was the right decision to ensure the company has both the access to capital but also the flexibility in accessing that capital particularly in the current macroeconomic environment where circumstances require sufficient financial flexibility, particularly ahead of the major seismic and drilling campaign planned on the Ntorya discovery within the Ruvuma asset in Tanzania. "

Ferguson, meanwhile, noted that the disappointing decision to no conclude the proposed ONE Dyas transaction in late February was “absolutely the right decision” to make amidst the volatile commodity price environment.

In terms of financials, the company reported a £1.27mln loss and ended June with £706,000 of cash.

Quick facts: Solo Oil PLC

Price: - GBX

AIM:SOLO
Market: AIM
Market Cap: -
Follow

Add related topics to MyProactive

Create your account: sign up and get ahead on news and events

NO INVESTMENT ADVICE

The Company is a publisher. You understand and agree that no content published on the Site constitutes a recommendation that any particular security, portfolio of securities, transaction, or investment strategy is...

In exchange for publishing services rendered by the Company on behalf of Solo Oil PLC named herein, including the promotion by the Company of Solo Oil PLC in any Content on the Site, the Company receives from said...

FOR OUR FULL DISCLAIMER CLICK HERE

Morning Report: FTSE 100 rises as UK PM Boris Johnson returns to Downing Street

Headlines from the Proactive UK newsroom. The FTSE 100 began the week firmly on the front foot rising 77 points to 5,829. The index was buoyed by Boris Johnson’s return to work and Japan’s bond bail-out announcement. Airbus’s chief executive has warned the company is "bleeding cash at an...

on 27/4/20

2 min read