TIDMSOLO

RNS Number : 9902F

Solo Oil Plc

23 May 2017

FOR IMMEDIATE RELEASE 23 May 2017

SOLO OIL PLC

("Solo" or the "Company")

Cancellation of General Meeting

Solo Oil plc (AIM: SOLO) has decided to withdraw the Notice of General Meeting contained in the Circular to Shareholders dated 19 May 2017.

The General Meeting had been called to seek Shareholder approval for the authority to allot shares to make the second stage investment into Helium One Limited ("Helium One"). Accordingly, the Company will now not exercise the call option with Helium One and has terminated plans to raise funds to complete that transaction.

The Board will continue to focus on the Company's existing investments, including the Ntorya gas condensate discovery in Tanzania, the Horse Hill oil discovery and the initial 10% stake in Helium One. The Board considers the initial stake in Helium One to be a core investment of the Company with significant potential upside. Solo will therefore continue to play an important role in supporting Helium One as it progresses its strategic helium assets in Tanzania.

The Board anticipates shortly publishing the Company's Annual Report and Accounts for the year ending 31 December 2016 and calling an Annual General Meeting, and will outline its future investment plans and strategy to shareholders at that time.

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 / Henry Wilson          +44 (0) 20 7466 5000

This information is provided by RNS

The company news service from the London Stock Exchange

END

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May 23, 2017 08:50 ET (12:50 GMT)

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