Solo Oil Plc Completion of Horse Hill Acquisition and TVR (1981H)
March 09 2018 - 2:01AM
UK Regulatory
TIDMSOLO
RNS Number : 1981H
Solo Oil Plc
09 March 2018
FOR IMMEDIATE RELEASE ; Embargoed until 7 am 9 March 2018
SOLO OIL PLC
("Solo" or the "Company")
Completion of Horse Hill Acquisition
and TVR
Solo (AIM: SOLO), the natural resources investment company
focused on acquiring and developing a diverse global non-operated
portfolio of strategic oil and gas assets, today confirms the
completion of the acquisition of an additional 5% interest in Horse
Hill Developments Limited ("HHDL") as previously announced on 27
February 2018.
The conditions precedent to the Sale and Purchase Agreement
("SPA") have now been fulfilled, including the consent of other
shareholders and the payment by Solo of the cash consideration of
GBP650,000. The Company will now issue 9,973,011 ordinary shares of
0.2p in fulfilment of the share consideration to Primorus
Investments plc ("Primorus") based on the 10-day VWAP as provided
for in the SPA. The shares will be admitted for trading on or
around the 15 March and under the terms of the SPA Primorus will
not trade in Solo shares for a period of at least 45-days from
completion.
Testing at the Horse Hill-1 oil discovery is expected to
commence in early second quarter and is anticipated to lead to a
declaration of commerciality at the Portland Sandstone reservoir
level where initial testing in 2016 showed a potentially commercial
rate of 320 barrels oil per day ("bopd") on pump. Additional
testing of the Kimmeridge Limestone reservoirs will be undertaken
in a test program expected to last approximately 150 days in
total.
Solo will now hold a 15% interest in HHDL equivalent to a 9.75%
interest in the Horse Hill licences, PEDL137 and PEDL246, and the
Horse Hill oil discovery.
Neil Ritson, Solo's Executive Chairman, commented;
"With testing due to commence shortly at Horse Hill we are
pleased to have increased our interest in this exciting opportunity
and look forward to more news as operations get underway later this
month."
Total Voting Rights
Following Admission, the Company will have 459,453,669 Ordinary
Shares in issue with voting rights. The Company does not hold any
Ordinary Shares in treasury and accordingly there are no voting
rights in respect of any treasury shares. The aforementioned figure
of 459,453,669 Ordinary Shares may be used by shareholders 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 Company, under the disclosure requirements
applicable to the Company.
This announcement contains inside information for the purposes
of Article 7 of EU Regulation 596/2014.
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 40 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.
For further information:
Solo Oil plc
Neil Ritson / Dan Maling +44 (0) 20 7440 0642
Beaumont Cornish Limited
Nominated Adviser
Roland Cornish +44 (0) 20 7628 3396
Shore Capital
Broker
Jerry Keen
Buchanan (PR)
Ben Romney / Chris +44 (0) 20 7408 4090
Judd / Henry Wilson +44 (0) 20 7466 5000
Notes to Editors:
Solo Oil plc (Solo), is a natural resources investment company
with a diverse portfolio of onshore assets, principally in Europe
and Africa. The company seeks to deliver returns through early
stage investment in promising projects and uses management's own
sector expertise to assist in strategic asset development. Solo's
portfolio currently includes extensive interests in the prolific
Ruvuma Basin in Tanzania, the Horse Hill oil discovery in the Weald
Basin, Helium One Limited, the Tanzanian helium exploration
company, and Kiliwani North, a natural gas producing project in
Tanzania.
Glossary:
bopd barrels of oil per day
---------- --------------------------------------
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
---------- --------------------------------------
limestone a sedimentary rock predominantly
composed of calcite (a crystalline
mineral form of calcium carbonate)
of organic, chemical or detrital
origin. Minor amounts of dolomite,
chert and clay are common
in limestones. Chalk is a
form of fine-grained limestone
---------- --------------------------------------
PEDL UK Petroleum Exploration and
Development License
---------- --------------------------------------
reservoir a subsurface rock formation
containing an individual natural
accumulation of moveable petroleum
---------- --------------------------------------
sandstone a clastic sedimentary rock
whose grains are predominantly
sand-sized. The term is commonly
used to describe consolidated
sand or a rock made of predominantly
quartz sand
---------- --------------------------------------
VWAP volume weighted average price
---------- --------------------------------------
This information is provided by RNS
The company news service from the London Stock Exchange
END
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