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Solo Oil former finance director exits non-executive position

It comes as the company continues to transition under its recently appointed management team

oil and gas operations
Management's attention is increasingly on the Tanzania assets

Solo Oil PLC (LON:SOLO) has confirmed the exit of Donald Strang from his position as non-executive director.

Strang was previously finance director, appointed in 2014, before moving to the non-executive position in August 2016. He was associated with a number of companies that have been involved with the Horse Hill project and the broader Weald basin exploration play onshore UK.

READ: Solo Oil making “significant strides” under new management

Solo recently sold out of its stake in the Horse Hill oil discovery project.

In Monday’s statement, Solo told investors that it intends on appointing a new independent non-executive director in the near term, having regard to the QCA corporate governance code that it has adopted.

“The company is in an important transitional phase with best practice corporate governance a key deliverable for the board,” said Alastair Ferguson, Solo non-executive chairman.

“In this regard, we will be looking to appoint an independent non-executive director in due course."

Quick facts: Solo Oil PLC

Price: 2.425 GBX

AIM:SOLO
Market: AIM
Market Cap: £15.32 m
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