Solo Oil Plc Appointment of Executive Chairman (7919E)
May 11 2017 - 2:01AM
UK Regulatory
TIDMSOLO
RNS Number : 7919E
Solo Oil Plc
11 May 2017
FOR IMMEDIATE RELEASE, Embargoed until 7 am 11 May 2017
SOLO OIL PLC
("Solo" or the "Company")
Appointment of Executive Chairman
Solo Oil announces that the Company's Non-Executive Chairman,
Neil Ritson, will take up the role of Executive Chairman with
immediate effect.
Mr Ritson, who until recently acted as Chairman and Chief
Executive of AIM listed oil producer LGO Energy plc, will now take
on the executive leadership of Solo at a time when the Company is
gaining significant momentum behind its oil and gas assets, notably
in Tanzania with the major Ntorya gas discovery and the recent
acquisition of a material stake in one of the world's most
prospective helium projects. Long-term testing at the Company's
Horse Hill oil discovery in the UK is also expected to start this
year, as is exploration on the Isle of Wight licence that the
Company acquired in the UK 14(th) Licensing Round.
Solo's strategy is predicated on leveraging the management
team's sector experience and technical expertise in order to
source, invest in, progress and monetise compelling investment
opportunities in resources assets. Mr Ritson has a Bachelor degree
in Geophysics and has over 38 years of industry experience,
including senior roles at BP plc such as International Chief
Geophysicist, Head of Geoscience Research and Business Unit Leader
for both Norway and Alaska Exploration. Neil has worked with
various London listed junior oil and gas companies for the last 10
years.
Commenting on his change of role, Neil Ritson said:
"This change in role will enable me to dedicate more of my time
towards the development of Solo's exciting portfolio. 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."
For further information:
Solo Oil plc
Neil Ritson / Dan Maling +44 (0) 20 3794 9230
Beaumont Cornish Limited
Nominated Adviser and
Joint Broker
Roland Cornish +44 (0) 20 7628 3396
Shore Capital
Joint Broker
Jerry Keen
Beaufort Securities
Joint Broker
Jon Belliss
Buchanan (PR) +44 (0) 20 7408 4090
Ben Romney / Chris +44 (0) 20 7382 8300
Judd +44 (0) 20 7466 5000
This information is provided by RNS
The company news service from the London Stock Exchange
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