Cancellation of General Meeting

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	[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 / Henry Wilson	[phone] [phone] [phone]

 

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