logo-loader
viewSolo Oil PLC

Solo Oil interims highlight “further significant steps” toward strategic goals

Solo is preparing for a period that it hopes will be defined with “strong growth and value creation”.

Solo Oil PLC - Solo Oil interims highlight “further significant steps” toward strategic goals

Solo Oil PLC (LON:SOLO) executive chairman Alastair Ferguson highlighted “further significant steps” taken by the company towards its strategic goals, including rationalising its asset portfolio and strengthening its management team.

The AIM-quoted oil and gas investor is now preparing for a period it hopes will be defined with “strong growth and value creation”, Ferguson added in Friday’s interim results statement.

READ: Solo Oil hails "positive movements" in Tanzania resources sector

“The work carried out to date in monetising the company's non-core assets provides us with a strong balance sheet enabling the board and management a platform to execute a strategic vision focused on returning value for shareholders,” said Ferguson.

“We aim to establish this company as a mid-cap E&P underpinned by high quality assets and solid cash flow.

“Furthermore, we feel confident that we have the right team and strategy in place to achieve these ambitious objectives within our stated timeframes."

Key highlights

During the period, Solo completed the disposal of its 30% interest in an exploration asset on the Isle of Wight and inked a head of terms agreement to exit its 28.56% holding in Reef Resources.

Ferguson was appointed as executive chairman, and the management team was also strengthened as Douglas Rycroft was named general manager (prior to becoming chief operating officer). The company also changed its representation on the board of part-owned associate Helium One and participated in a convertible loan note financing for that business.

Since the end of June, added to its team further with Rycroft taking the COO position and Romina Mele-Cornish joining as chief financial officer.

Operationally, the company’s resources were boosted via agreements with service providers THREE60 and NRG.

Solo sold its remaining share holding in UK Oil & Gas PLC (LON:UKOG), and disposed its position in Burj Petroleum Africa Limited.

It highlighted that an asset screening process for its new business strategy is continuing. The aim is to achieve a 5,000 barrels oil equivalent production rate within three years.

In terms of financial results, Solo reported a £652,000 loss for the six months ended 30 June, and, it finished the period with £2.95mln.

Quick facts: Solo Oil PLC

Price: 2.425 GBX

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

Add related topics to MyProactive

Create your account: sign up and get ahead on news and events

NO INVESTMENT ADVICE

The Company is a publisher. You understand and agree that no content published on the Site constitutes a recommendation that any particular security, portfolio of securities, transaction, or investment strategy is...

In exchange for publishing services rendered by the Company on behalf of Solo Oil PLC named herein, including the promotion by the Company of Solo Oil PLC in any Content on the Site, the Company receives from said...

FOR OUR FULL DISCLAIMER CLICK HERE

Watch

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