Issue of Options

RNS Number : 4264E

Solo Oil Plc

18 December 2009

 



18 December 2009

Solo Oil Plc

("Solo" or "the Company")

Issue of Options

Solo Oil Plc announces that it has issued options over a total of 185 million new ordinary shares of 0.01p each in the Company at an exercise price of 1p per share (compared to the latest mid market price on AIM of 0.5 p). These options will only vest if the proposed Likonde-1 well, which is the subject of the Company's recently announced farm-in, encounters "hydrocarbons". The options will expire on 21 December 2012.

The options represent in aggregate 8.89% of the existing issued share capital and have been issued on the following basis:  Directors 4.56%; Management 1.92% and consultants and advisers 2.41%.

The options for the Directors have been issued as follows:

Name	Options issued	Existing options	Ordinary shares	Total	% of issued share capital
D. Lenigas	75,000,000	2,500,000	2,850,000	80,350,000	3.86%
K. Morzaria	10,000,000	750,000	711,428	11,461,428	0.55%
S. Barblett	10,000,000	1,250,000	600,000	11,850,000	0.56%

For further enquiries:

Solo Oil PLC
David Lenigas/Kiran Morzaria	[phone]
Beaumont Cornish - Nominated Adviser
Roland Cornish	[phone]

 

END

 

 

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