Proactiveinvestors Australia Solo Oil PLC Proactiveinvestors Australia Solo Oil PLC RSS feed en Tue, 18 Jun 2019 03:23:34 +1000 Genera CMS (Proactiveinvestors) (Proactiveinvestors) <![CDATA[RNS press release - Aminex Management Changes ]]> Fri, 24 May 2019 19:55:30 +1000 <![CDATA[RNS press release - Helium One Management Changes ]]> Thu, 02 May 2019 16:00:03 +1000 <![CDATA[RNS press release - Change of Registered Office ]]> Thu, 02 May 2019 16:00:02 +1000 <![CDATA[RNS press release - New Corporate Presentation ]]> Tue, 26 Mar 2019 18:00:04 +1100 <![CDATA[RNS press release - Strategy Update ]]> Fri, 22 Mar 2019 18:00:02 +1100 <![CDATA[RNS press release - Corporate & Operational Update and Board Changes ]]> Mon, 11 Feb 2019 18:00:05 +1100 <![CDATA[RNS press release - Completion of disposal in PEDL331 Licence ]]> Tue, 22 Jan 2019 20:00:05 +1100 <![CDATA[RNS press release - Result of Aminex PLC's EGM ]]> Sat, 05 Jan 2019 01:03:07 +1100 <![CDATA[RNS press release - Operational Update, Tanzania ]]> Mon, 17 Dec 2018 18:00:06 +1100 <![CDATA[RNS press release - Disposal of interest in PEDL331 Licence ]]> Wed, 12 Dec 2018 18:00:04 +1100 <![CDATA[RNS press release - Kiliwani Operations Update ]]> Mon, 10 Dec 2018 18:00:05 +1100 <![CDATA[RNS press release - Director Appointment ]]> Tue, 04 Dec 2018 18:00:19 +1100 <![CDATA[RNS press release - Directorship Change ]]> Mon, 26 Nov 2018 18:00:07 +1100 <![CDATA[RNS press release - Appointment of Nominated Adviser ]]> Mon, 29 Oct 2018 18:00:08 +1100 <![CDATA[RNS press release - Investor Evening - 22 November 2018 ]]> Wed, 24 Oct 2018 17:00:03 +1100 <![CDATA[RNS press release - Holding(s) in Company ]]> Mon, 15 Oct 2018 21:35:58 +1100 <![CDATA[RNS press release - Holding(s) in Company ]]> Mon, 08 Oct 2018 19:57:31 +1100 <![CDATA[RNS press release - Holding(s) in Company ]]> Mon, 08 Oct 2018 19:55:34 +1100 <![CDATA[RNS press release - Kiliwani North Update ]]> Thu, 04 Oct 2018 16:00:05 +1000 <![CDATA[RNS press release - Half-year Report ]]> Thu, 27 Sep 2018 16:00:05 +1000 <![CDATA[RNS press release - Completion of Horse Hill Disposal ]]> Tue, 25 Sep 2018 16:00:08 +1000 <![CDATA[RNS press release - Director/PDMR Shareholding ]]> Fri, 14 Sep 2018 19:56:19 +1000 <![CDATA[RNS press release - Result of General Meeting and Open Offer ]]> Fri, 14 Sep 2018 01:31:35 +1000 <![CDATA[RNS press release - Update on Horse Hill from UK Oil & Gas ]]> Mon, 10 Sep 2018 21:45:24 +1000 <![CDATA[RNS press release - Director/PDMR Shareholding ]]> Tue, 04 Sep 2018 01:01:21 +1000 <![CDATA[RNS press release - Convertible Loan Facility Repayment ]]> Mon, 03 Sep 2018 16:00:07 +1000 <![CDATA[RNS press release - Disposal of interest in Horse Hill ]]> Thu, 30 Aug 2018 16:00:07 +1000 <![CDATA[RNS press release - Kiliwani North Update ]]> Wed, 29 Aug 2018 16:00:05 +1000 <![CDATA[RNS press release - Operational Update, Tanzania ]]> Thu, 23 Aug 2018 16:05:03 +1000 <![CDATA[RNS press release - Posting of Open Offer Circular ]]> Wed, 15 Aug 2018 16:00:02 +1000 <![CDATA[RNS press release - Board Changes and Directors' Dealings ]]> Wed, 08 Aug 2018 19:13:13 +1000 <![CDATA[RNS press release - Result of AGM, Issue of Equity and TVR ]]> Mon, 06 Aug 2018 23:52:10 +1000 <![CDATA[RNS press release - Board Appointment ]]> Mon, 06 Aug 2018 16:01:03 +1000 <![CDATA[RNS press release - Placing of Equity, Open Offer and TVR ]]> Mon, 06 Aug 2018 16:00:06 +1000 <![CDATA[RNS press release - Update on Portland Extended Flow Test at HH-1 ]]> Fri, 03 Aug 2018 20:30:05 +1000 <![CDATA[RNS press release - Proposed Director Changes ]]> Thu, 26 Jul 2018 16:00:23 +1000 <![CDATA[News - Solo Oil names Alastair Ferguson as chairman designate ]]> Solo Oil PLC (LON:SOLO) has named Alastair Ferguson as the successor to Neil Ritson, who is due to retire from his position as chairman.

Ferguson immediately joins as non-executive director before taking the reins from Ritson, who leaves his position on 6 August and will become a technical advisor to the company.

READ: Horse Hill oil stocks advance on initial production test

"As the company enters a critical phase in considering the commercialisation of its core assets in the Ruvuma Basin, the Horse Hill discovery and its exciting helium asset, I am delighted to be invited by the Solo board to become a non-executive director and chairman-designate,” Ferguson said in a statement.

“As the strategic focus of the board turns to how to provide a return to Shareholders through the monetisation of its assets and the eventual reinvestment of at least part of the proceeds, I look forward to bringing my own expertise to the Board to deliver this outcome."

Ritson, meanwhile, added: "I am very pleased to welcome Alastair to the board of Solo.  Alastair's years of commercial and business experience, developing international gas projects in the Middle East, Asia Pacific and Russia, will strengthen the board and potentially expand the company's geographic reach. 

“I look forward to continuing to assist the company in a technical capacity after my retirement from the board."  

Thu, 26 Jul 2018 07:45:00 +1000
<![CDATA[Media files - Solo Oil's Neil Ritson on Horse Hill, Ruvuma and plans to refresh the team ]]> Thu, 19 Jul 2018 14:11:00 +1000 <![CDATA[RNS press release - Portland Extended Flow Test at Horse Hill-1 ]]> Wed, 18 Jul 2018 23:00:03 +1000 <![CDATA[News - Horse Hill oil stocks advance on initial production test results ]]> The first batch of production testing results from the Horse Hill project has boosted the small cap companies invested in the UK oil project.

Initial oil flows from the conventional Portland reservoir are described as being equal to or exceeding the past results from the 2016 test programme.

WATCH: Alba Mineral chairman looks forward to definitive Horse Hill flow test results

The highest observed hourly rate was said to be equivalent to 352 barrels of oil per day, but, in a series of stock market statements revealed that the oil flows have not yet been optimised for maximum sustainable flow rates.

READ: UKOG raises more capital as Horse Hill remains in the spotlight

Based on the initial analysis, it was stated that the well’s productivity is unaffected by 2 year shut-in period since 2016.

The first of three planned test sequences will shortly begin, following a 24-hour shut in.

Meanwhile, a tanker carrying some 214 barrels of dry oil has been mobilized to BP's Hamble oil terminal.

UK Oil & Gas Investments PLC (LON:UKOG), the largest London listed stakeholder with 32.43%, saw its shares advance around 6% immediately after the statement. Elsewhere, fellow stakeholders Solo Oil PLC (LON:SOLO) and Alba Minerals Resources Plc (LON:LON:ALBA) also moved on the front foot, rising around 8% and 6% respectively.

Test results to date have exceeded our initial expectations, says UKOG chairman Stephen Sanderson, as first tanker of crude oil leaves the site

— UKOG (@UKOGlistedonAIM) July 18, 2018

"Test results to date have exceeded our initial expectations given the length of time the well was shut-in since 2016,” said Stephen Sanderson, UK Oil & Gas Investments PLC (LON:UKOG), which is the

"Extremely positive" indications

“Although we are in the very early stages of our 150-day test campaign at Horse Hill, the signs to date are extremely positive for the Portland oil pool.”

Sanderson added: “The unexpected bonus of natural oil flow to the surface, without the use of a pump, gives us cause for further optimism regarding the Portland's overall commercial potential. It is important at this stage, however, to keep our expectations at a realistic level.

“The company looks forward to further positive results from the remaining Portland test sequences and then the testing of the two deeper and higher productivity Kimmeridge Limestone oil pools.”

Solo Oil chairman Neil Ritson, meanwhile, added: "This is an excellent start to the extended well tests at Horse Hill and fully confirms our expectations for the productivity of the Portland reservoir.

“A lot more testing is planned over the coming months and we look forward to further positive updates from the operator as the test sequence progresses."

Wed, 18 Jul 2018 14:54:00 +1000
<![CDATA[RNS press release - Issue of Equity ]]> Fri, 13 Jul 2018 21:09:05 +1000 <![CDATA[RNS press release - Corporate and operational update ]]> Fri, 13 Jul 2018 16:00:03 +1000 <![CDATA[News - Solo Oil executive chairman Neil Ritson to retire later this year ]]> Solo Oil PLC’s (LON:SOLO) executive chairman Neil Ritson is to retire before the end of 2018 as part of a board restructuring designed to ready the company for the future.

Ritson, who has been a director of the oil and gas investor since 2010, has offered to stay on as chief executive pending the appointment of a new non-executive chairman and thereafter as a technical advisor, as and when required.

WATCH: Solo Oil's Neil Ritson on Horse Hill, Ruvuma and plans to refresh the team

Finance director Dan Maling looks set to take up the role of managing director when Ritson officially retires.

“As we reach the point of monetising the first round of core assets, I think it is appropriate that a refreshed team be appointed to take Solo forward into the next phase of its corporate development,” said Ritson in a stock market announcement.

“I look forward to assisting the board through the transition and I will continue to provide my industry experience and technical expertise to Solo as required.

He added: “I also remain a shareholder so I am fully aligned with the company in anticipation that Solo can realise significant value for the investments made in the Ruvuma Basin, the Weald Basin and in early-stage helium exploration.”

Solo is still looking to bring in a new independent non-executive director by September and said today it has identified a suitable candidate and hopes to make a further announcement in due course.

Busy period for Solo

As for operations on the ground, it has been a busy period for the company. Extended well testing of the HH-1 well at Horse Hill near Gatwick kicked off at the end of June and more information is due from that in the not too distant future.

Solo has a 9.75% beneficial interest in licences PEDL137 and PEDL246 which contain the HH-1 oil discovery.

Over in Tanzania, Solo’s partner at Ntorya – Aminex plc (LON:AEX) – agreed earlier this month to farm-out two-thirds of its 75% interest in the project to a cash-rich group which already has interests in the country.

AIM-listed Solo said Aminex’s decision to farm-down some of its interest is a “positive move” which should see the Ntorya project move towards early gas production.

Sticking with Ntorya, the company, which holds the remaining 25% stake in the project, is in early-stage discussions with a major bank regarding project financing for its share of the costs, in parallel with the ongoing marketing process for its interest in the project.

Investments starting to bear fruit

“The company is now seeing its investments, and the board's efforts to monetise them, begin to fall into place,” said Ritson.

“We believe Aminex's proposed farmout represents a significant validation of the commercial and technical viability of the Ntorya gas development and allows us to consider our options with regard to possible pre-emption, project funding or the sale of our interest in the project.

“Whichever route we take, we see this as a positive development that proves we have a material stake in an asset with an implied value in excess of our current market capitalisation.”


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Fri, 13 Jul 2018 07:40:00 +1000
<![CDATA[RNS press release - Farmout of Ruvuma PSA, Tanzania ]]> Wed, 11 Jul 2018 19:55:10 +1000 <![CDATA[RNS press release - Issue of Equity ]]> Tue, 03 Jul 2018 21:08:43 +1000 <![CDATA[RNS press release - Notice of AGM ]]> Fri, 29 Jun 2018 20:50:39 +1000 <![CDATA[RNS press release - Annual Report and Accounts ]]> Fri, 29 Jun 2018 16:00:03 +1000 <![CDATA[RNS press release - Production Flow Test Operations - Horse Hill-1 ]]> Wed, 27 Jun 2018 16:00:03 +1000 <![CDATA[Media files - All eyes on Kimmeridge flow rates as Horse Hill testing gets underway ]]> Wed, 27 Jun 2018 13:07:00 +1000 <![CDATA[RNS press release - Update on Helium One Investment ]]> Thu, 21 Jun 2018 16:00:04 +1000