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Solo Oil names Alastair Ferguson as chairman designate

Solo is currently advancing the Ntorya project in Tanzania and it is a stakeholder in the popular Horse Hill oil discovery which neighbours London's Gatwick airport

oil and gas operations
Early results from new production test boosted the Horse Hill explorers

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."  

Quick facts: Solo Oil PLC

Price: 2.425 GBX

AIM:SOLO
Market: AIM
Market Cap: £15.32 m
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Solo Oil's Neil Ritson on Horse Hill, Ruvuma and plans to refresh the team

Neil Ritson, chairman of Solo Oil PLC (LON:SOLO), discusses with Proactive's Andrew Scott the first batch of production testing results from Horse Hill,  the decision by their partner at Ntorya, Aminex plc (LON:AEX) to farm-out two-thirds of its 75% interest in the project and the...

on 19/7/18

2 min read