Solo Oil Plc Issue of Equity (4273U)
April 07 2016 - 2:00AM
UK Regulatory
TIDMSOLO
RNS Number : 4273U
Solo Oil Plc
07 April 2016
For Immediate Release, Embargoed until 7 am
7 April 2016
Solo Oil plc
('Solo' or 'the Company')
Placement of Equity and TVR
Solo Oil plc today announces that it has raised GBP800,000 gross
proceeds through the issue of 320,000,000 new ordinary shares of
0.01 pence each in the Company ("Placing Shares") at a price of
0.25 pence per share (the "Placing") in a Company sponsored
placement.
The proceeds from the Placing will be deployed in the Company's
active investments in Tanzania and will allow the Company to
accelerate its ownership of the additional interest in the now
producing Kiliwani North Field, in particular the acquisition of
the Second Tranche payment as announced on 4 April 2016. This will
take Solo's working interest in the Kiliwani North Development
Licence to 8.425%.
Neil Ritson, Solo's Chairman, commented:
"With the Kiliwani North-1 well now flowing gas into the Songo
Songo gas processing plant this is an ideal time for Solo to
accelerate its ownership of the project and participate in the
growth of revenues from gas sales. This is a very exciting time for
the Company as we reach first material production and revenue."
The final payment of the intended acquisition at Kiliwani North,
taking the Company's ownership to 10%, will be completed when the
commissioning phase ends and gas production is managed under the
long-term take-or-pay provisions of the Gas Sales Agreement with
the Tanzanian Petroleum Development Corporation. Net revenue from
the Kiliwani North Development Licence, which commenced gas
production earlier this week, is expected to ramp up to US$2 - 2.5
million per annum net to Solo's interests following the
commissioning phase which is anticipated to last from 90 to 100
days.
Application will be made for the Placing Shares, which will rank
pari passu with the Company's existing issued ordinary shares, to
be admitted to trading on AIM. Dealings in the Placing Shares on
AIM are expected to commence on or before 16 April 2016.
Following Admission, the Company's issued share capital will
consist of 5,836,830,571 Ordinary Shares with a nominal value of
0.01 pence each, with voting rights ("Ordinary Shares"), and
265,324,634 deferred shares of 0.69 pence each. The 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. The Company does not hold any Ordinary Shares in Treasury.
Therefore the total number of Ordinary Shares in the Company with
voting rights is 5,836,830,571.
The above figure of 5,836,830,571 Ordinary Shares may be used by
shareholders in the Company as the denominator for the calculations
by which they will determine if they are required to notify their
interest in, or a change to their interest in, the share capital of
the Company under the Financial Conduct Authority's Disclosure and
Transparency Rules.
For further information:
Solo Oil plc
Neil Ritson
Fergus Jenkins +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 (Corporate
Broker)
Bell Pottinger
Public Relations
Henry Lerwill
Cassiopeia Services
LLP +44 (0) 20 7408 4090
Investor Relations +44 (0) 20 3772 2500
Stefania Barbaglio +44 (0) 79 4969 0338
This information is provided by RNS
The company news service from the London Stock Exchange
END
IOEDMGGDVVLGVZM
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