Appointment of Executive Chairman

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	[phone]
Beaumont Cornish Limited Nominated Adviser and Joint Broker Roland Cornish	[phone]
Shore Capital Joint Broker Jerry Keen Beaufort Securities Joint Broker Jon Belliss Buchanan (PR) Ben Romney / Chris Judd	[phone] [phone] [phone]

 

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