Issue of Equity and TVR

RNS Number : 6362J

Solo Oil Plc

09 August 2012

 

For Immediate Release

9 August 2012

Solo Oil plc

('Solo' or 'the Company')

Issue of Equity and TVR

Solo Oil plc announces that it has raised £1.5 million gross proceeds through the issue of 500,000,000 new ordinary shares of 0.01p each in the Company ("Placing Shares") at a price of 0.3 pence per share to investors (the "Placing"). 

Neil Ritson, Solo's CEO, commented:

"The funds will be deployed to complete the payment schedule due under the Ruvuma SPA in Tanzania in order to maintaining our 25% working interest in this exciting new gas and liquids discovery at the Ntorya-1 well and to prepare for the next phase of the work programme in the basin. Ntorya-1 well flowed 20 million cubic feet of gas per day on test through a one inch choke and 140 barrels of liquids per day."

"Recent business development activity in Tanzania has greatly enhanced the Company's interests there and the Directors believe that significant opportunity exists to generate long term value for shareholders A infill seismic programme is planned for the end of 2012 and a further two well is planned in 2013. "

"Some of the funds will also be used to maintain and increase our interest in the new oil production coming on stream in Canada over the next few weeks."

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 14 August 2012.

Following Admission, the Company's issued share capital will consist of 3,278,394,708 Ordinary Shares with a nominal value of 0.01p each, with voting rights ("Ordinary Shares"), and 265,324,634 deferred shares of 0.69p 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 3,278,394,708.

The above figure of 3,278,394,708 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 Service Authority's Disclosure and Transparency Rules.

For further information:

Solo Oil plc David Lenigas Neil Ritson	[phone]
Beaumont Cornish Limited Nominated Adviser and Joint Broker Roland Cornish	[phone]
Old Park Lane Capital Plc Joint Broker Michael Parnes Luca Tenuta Shore Capital Joint Broker Pascal Keane Jerry Keen (Corporate Broker) Pelham Bell Pottinger                            Public Relations Mark Antelme  Henry Lerwill	[phone] [phone] [phone]

 

END

 

 

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