Solo Oil Plc Placing of Equity and TVR (0172X)
February 16 2017 - 2:00AM
UK Regulatory
TIDMSOLO
RNS Number : 0172X
Solo Oil Plc
16 February 2017
16 February 2017
Solo Oil Plc
("Solo" or the "Company")
Placement of Equity and TVR
The Directors of Solo Oil plc (SOLO: AIM) are pleased to
announce that the Company has raised GBP2,000,000 (before expenses)
through a Company sponsored placing (the "Placing") of 400,000,000
new ordinary shares of 0.01p (the "Placing Shares") at a price of
0.50p per Placing Share (the "Placing Price") representing
approximately 5.7% of the issued share capital prior to Admission
of the Placing Shares.
The net proceeds from the Placing will be used to fund the
Company's share of the imminent well testing programme for the
recently drilled Ntorya-2 appraisal in Tanzania and the analysis of
future development options for the Ntorya discovery, where Aminex
plc is the operator. Solo holds a 25% working interest in the
Ruvuma Petroleum Sharing Agreement and in the Ntorya gas and
condensate discovery.
Neil Ritson, Non-Executive Chairman, commented:
"The Company is looking forward to the flow test results from
the Ntorya-2 gas discovery in the coming weeks. Following the flow
testing the joint venture partners will define the forward
development programme for the Ntorya discovery and are expecting to
apply for a 25-year development licence."
Application for Admission and total voting rights
Application will be made for the Placing Shares to be admitted
to trading on AIM ("Admission"). Admission is expected to occur at
8.00 a.m. on Thursday 23 February 2017. The Placing is conditional
on Admission and the Placing Shares will, on Admission, rank pari
passu with the Company's existing ordinary shares of 0.01p each
("Ordinary Shares"). Following the issue and Admission of the
Placing Shares, the Company's share capital will comprise
7,387,691,682 ordinary shares of 0.1p each.
The above figure of 7,387,691,682 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.
The Market Abuse Regulation ("MAR") became effective from 3 July
2016. Market soundings, as defined in MAR, were taken in respect of
the Fundraise with the result that certain persons became aware of
inside information, as permitted by MAR. That inside information is
set out in this announcement and has been disclosed as soon as
possible in accordance with paragraph 7 of article 17 of MAR.
Therefore, those persons that received inside information in a
market sounding are no longer in possession of inside information
relating to the Company and its securities.
Qualified Person's Statement:
The information contained in this announcement has been reviewed
and approved by Neil Ritson, Chairman and Director of Solo Oil plc
who has over 38 years of relevant experience in the energy sector.
Mr. Ritson is a member of the Society of Petroleum Engineers, an
Active Member of the American Association of Petroleum Geologists
and a Fellow of the Geological Society of London.
Solo Oil plc
Neil Ritson
Daniel Maling +44 (0) 20 3794 9230
Beaumont Cornish
Nominated Adviser
Roland Cornish +44 (0) 20 7628 3396
Shore Capital
Joint Broker
Jerry Keen
Edward Mansfield
Beaufort Securities
Joint Broker
Jon Belliss
Cassiopeia Services
Ltd
Investor and Media +44 (0) 20 7408 4090
Relations +44 (0) 20 7382 8300
Stefania Barbaglio +44 (0) 79 4969 0338
Glossary:
discovery a petroleum accumulation for which
one or several exploratory wells
have established through testing,
sampling and/or logging the existence
of a significant quantity of potentially
moveable hydrocarbons
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This information is provided by RNS
The company news service from the London Stock Exchange
END
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