Solo Oil

The Company's Investing Policy is to acquire a diverse portfolio of direct and indirect interests in exploration, development and production oil and gas assets which are based in the Americas, Europe or Africa. Both on-shore and off-shore interests will be considered. The intention is to acquire a widely distributed mix of oil and gas development and production assets.

The Company may invest by way of outright acquisition or by the acquisition of assets, including the intellectual property, of a relevant business, partnerships or joint venture arrangements. Such investments may result in the Company acquiring the whole or part of a company or project (which in the case of an investment in a company may be private or listed on a stock exchange, and which may be pre-revenue), and such investments may constitute a minority stake in the company or project in question. The Company’s investments may take the form of equity, joint venture debt, convertible instruments, licence rights, or other financial instruments as the Directors deem appropriate.

The Company will be both an active and a passive investor. The Company intends to be a long-term investor and the Directors will place no minimum or maximum limit on the length of time that any investment may be held.

There is no limit on the number of projects into which the Company may invest, nor the proportion of the Company’s gross assets that any investment may represent at any time and the Company will consider possible opportunities anywhere in the world.

All of the Company’s assets will be held in its own name, or through wholly owned subsidiaries.

Operations

Solo Oil and its directors and consultants are currently looking to acquire oil and gas exploration, development and production companies and single assets in the Americas, Europe and Africa with a view to building a diverse portfolio of quality Hydrocarbon assets. We are considering both onshore and offshore and aim to maximise returns to Solo Oils investors.

Information on the Ruvuma PSA

The Ruvuma PSA covers 12.360 square kilometres in the extreme south-east of Tanzania of which roughly 80% is onshore and 20% offshore. Within the PSA are two specific, adjoining licence areas, known as Lindi and Mtwara. The first well under the Ruvuma PSA has been drilled on the Likonde prospect.

On 1 April 2010, the Likonde-1 well, onshore Tanzania, encountered thick sands with hydrocarbon shows. Likonde-1 is located in the Lindi Block in the Ruvuma Basin of Southern Tanzania. The well was drilled to a total depth of 3,647 metres and results of drilling, wireline logs and side-wall coring showed that the well intersected two sandstone intervals of over 250 metres (820 feet) combined thickness with evidence of residual oil and gas. Drilling had to be terminated in the deepest objectives due to high gas influx.

The well, which was plugged and abandoned, is the first of a two-well programme within the prospective Ruvuma delta region. The encouraging results will be followed up with detailed technical work prior to selecting the next drilling location. The result from Likonde-1 represents a major step forward in establishing the potential of the Ruvuma Basin. Solo has sufficient funds in treasury to be an active partner in the next phase of work and drilling in Tanzania.

Investment in Reef Resources Ltd ( Reef )

In April 2010, the Company agreed commercial terms of a $1,650,000 CAN participating loan agreement to Reef for financing the development of a proven oil and gas production asset in Ontario. Solo receives 60% of net production revenue post tax until loan repayment and 50% net earnings thereafter from the funded developments.

Under the terms of the investment, the financing will be issued in two stages, with the first stage of $750,000 CDN issued immediately in May 2010 and the balance on the re-commencement of production from Reef's Ontario asset which is expected in late 2010. A Solo representative Mr David Lenigas was entitled to join the board of Reef in September 2010 providing commercial and operational advice.

Immersion Technology

A total audio solution provider incorporated in the United Kingdom with patented technologies in both revolutionary electrostatic loudspeakers ("ESL") and award winning conventional cone loudspeakers ("CCL").

Designed to provide the highest possible audio reproduction characteristics and set a new standard to benchmark these characteristics, Immersion Technologies has achieved what it considers to be a new level of high definition audio and has registered trademarks to reflect this standard internationally, HD-A or High Definition - Acoustics.

Immersion considers existing CCL and ESL manufacturers to compete in a relatively static market where product differentiation occurs in three mutually exclusive areas - aesthetics, performance and price. Immersion believes that of the worldwide audio market, there are very few products, if any, that excel in all three areas. HD-A challenges this with flat, stylish designs, superior audio performance at a cost that is competitive with the traditional ESL and CCL technology.

Immersion is unique compared to all conventional audio technologies. Immersion considers its HD-A technologies to be unrivalled in the market for audio reproduction devices - a view that is supported by independent reviews.

David Lenigas (Executive Chairman)
Mr. Lenigas holds a Bachelor of Applied Science (Mining Engineering) from Curtin University's Kalgoorlie School of Mines. Mr Lenigas has extensive operational and corporate experience in managing companies within the oil and gas, gold, coal and other natural resources sectors and currently and is the Executive Chairman of Leni Gas and Oil plc, Lonrho plc, LonZim plc, and Templar Minerals Ltd. He is a Director of Vatukoula Gold Mine plc. Previously Mr. Lenigas held the position of Chairman of Mediterranean Oil and Gas plc, which is producing gas and condensate in Italy and holds extensive oil and gas resources in Italy, Malta, Tunisia and France. Mr. Lenigas is a member of both the Audit and Remuneration committees.

Neil Ritson (Executive Director)
Mr. Ritson has over 30 years experience working in the energy industry including 23 years with BP plc where he held roles as International Chief Geophysicist and Strategic Business Unit Manager in both Norway and Alaska. In 1999 he was appointed to run the Burlington Resources Inc. businesses in North Africa before becoming Vice President UK in 2001 and VP International in 2003. Mr. Ritson founded an energy sector consultancy business in 2004 before being recruited as Chief Executive Officer of the UK AIM listed company Regal Petroleum plc in July 2006. He resigned from Regal in late 2007 and founded Vanguard Energy. He is also a director of PetroEnergy Limited and Enovation Resources Ltd and the Chairman of Trustees of the Kensington Symphony Orchestra.

Sandy Barblett ( Non-executive Director)
Mr Barblett currently works for Charter Pacific Corporation an ASX listed investment company and has over 15 years senior management experience working with private and publicly listed companies. He was a partner in the corporate finance boutique Ironbridge Capital Partners based in London. Formerly he was employed by Pace plc the leading developer for the global pay TV industry. In his 10 years with Pace he worked in the UK, US and Hong Kong. He has advised a number of companies both private and listed on raising private equity and general fund raising, corporate strategy and mergers and acquisitions. He has a bachelor of business from Curtin University of Technology in Perth, Western Australia and a bachelor of laws from the University of Queensland; he previously worked for Minter Ellison as a solicitor. Mr Barblett is a member of both the Audit and Remuneration committees.

Number of Shares

Oustanding warrants                         18,550,000

Outstanding options                         231,000,000

Total ordinary shares on issue           2,331,324,634

Total shares on issue (fully diluted) 2580874634

% of securities not in public hands 27.63%

Total deferred share on issue            265,324,634

*The Deferred shares have a par value of 0.69 pence each these shares carry no right to receive any dividend or other distributions in respect of any financial year or other period of the company

Significant Shareholders                         Number of Shares % ofIssued Capital

Barclayshare Nominees Limited                 333,695,515                     14.31%

TD Waterhouse Nominees (Europe) Limited 308,498,295                     13.23%

HSDL Nominees Limited                           204,269,198                       8.76%

HSDL Nominees Limited                           203,074,608                        8.71% 

James Capel (Nominees) Limited                 145,078,197                     6.22%

L R Nominees Limited                                 143,992,488                     6.18%

Hargreaves Lansdown (Nominees)                  71,958,998                     3.09%

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Updated from Solo Oil's website on 16/11/11