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All gas assets currently, Natural gas and Helium. Natural gas has been drilled and appraised and significant in size and flow rates, current offer on the table from the Omani's to the current operator for $40 million for 50%, SOLO own 25%.
Currently "WAITING" for a licence an IPO and the BOD to deliver an RTO on a producing asset...
1.3m plus buys reported according to LSE 511k ?
Either your software is crap or your analysts ?
Today on a couple of trades it is 0.15.
Net effect the sp may move but as the bid has not the spread is much wider and net effect nil ( try selling ) not that I will.
So no real change - just another imaginary tweak.
New potential investor here. I am keen to invest in oil stocks as I beleive that the are undervalued with the oil price so low during this crisis. This has shown a nice rise today, but what will make it stay up and go up further in future? Anyone got any advice for me as to why I should invest in SOLO?
A gamble till you see a CPR, an estimate of 12.7 BCF recoverable as it stands so tiny. Not saying that they wont get upside with some new wells, once the drilling is paid for that is.
If our board is so fantastic as I believe and others believe here, why can`t they or didn`t they smell out the Uk Gas Field Saltfleet, 3.5 Million per year not too shabby ???
Good news for the ECOP oil pipeline, will they build the gas at the same time?
"Total and Tullow have entered into an Agreement, through which Total shall acquire Tullow’s entire interests in Uganda Lake Albert development project including the East African Crude Oil Pipeline."
https://www.total.com/media/news/press-releases/total-acquires-tullow-entire-interests-uganda-lake-albert-project
fingers crossed just bagged a out of court settlement so things looking up and hopefully my luck will brush off here for all Solo investors we deserve it really !!!!
Oils bagged in the last 24 hours, guess solo will too? ;0)
When the ask dropped below 0.75 I had another 100,000 top up.
That'll bring the average down a little more ( by about 0.20p ) so now hovering around 2p.
Given we saw 2.43 not so long ago a profit now looks eminently achievable for me - if we can just get a deal done. There won't be many better opportunities to make a cheap acquisition IMO.
GLA LTH
MCAP down to £4 mill so possible, they have a large 2C gas asset, regardless of the oil.
Given their respective investments in Block Energy as private investors, you’d be forgiven for wondering what Alastair Ferguson (with 5.2%) and Jon Fitzpatrick (3.3%) were up to.
Because they are also Directors and shareholders in Solo Oil, AF as Executive Chairman with a 2.66% stake and JF as Non Executive Director with 4.15%.
Solo’s new strategic purpose was articulated in a March 2019 corporate presentation as being to :-
‘Assemble a balanced, full lifecycle portfolio comprised of production and development assets that provide a sustainable path for growth alongside funded G&A.’
The vision was declared to:-
‘Achieve scale through inorganic growth with a net production target of at least 5,000 boepd [per acquisition] within the next three years.’
So how’s it doing?
In his H1 2019 interim statement AF informed us Solo:-
(a) Was actively screening acquisition opportunities in Europe and North Africa with a net production target of at least 5000 boepd within three years;
(b) ‘Commence[d] a highly active period of screening opportunities (c.20) in line with strategic objectives – the Board has taken 5 identified opportunities through due diligence and carried 3 through to detailed negotiation’;
(c) Begun monetising non core assets;
(d) Been recruiting to the new strategic need;
So far so good.
On 9/10/2019 Solo announced that it had:-
‘entered into a binding sales and purchasing agreement (“SPA”) with ONE-Dyas B.V. (“ONE-Dyas”) to acquire a package of non-operated interests in natural gas fields from ONE-Dyas in the Dutch sector of the North Sea…’
The consideration was an upfront payment of 30.1m euros with a further 2m euros payable when first gas was struck post acquisition.
It had raised the cash through a combination of a debt facility with Mercuria Energy, existing resources and ‘new equity’.
But within five months the deal was sunk, scuppered by poor European gas prices, higher than estimated production and capex costs, Brexit and the U.K. elections.
Financially in H1 2019, the Company lost £800k on the back of losses of £1.7m in 2018. Notwithstanding further asset sales these losses will continue.
Nevertheless Solo appears to be in very strong financial shape.
It still has a solid balance sheet with net assets at c.£21m, backed by £2m-£3m in the bank and no material debt.
Also it values its non operating 25% interest in Ruvuma PSC (Tanzania) alone at c.£19m though this does not appear to be reflected in the unaudited accounts.
Finally the failed bid for ONE-Dyas assets proved that it can raise acquisition funding if required.
IF Block is a viable production proposition AND in need of further external finance then Solo MIGHT provide an opportunity for both Companies to benefit from each others’ predicaments…….but could that deal ever get done?
Given their exposure, I can think of two people who have every interest in seeing it happen, if viable.
IMO…DYOR.
https://www.lse.co.uk/profiles/straycat/
Yes big market falls to come imo. Defying gravity atm....but not us :)
Worrying Warren Buffet has sold 400 million stake in major companies on the Dow and saying it overvalued, doesn’t bold well short term, but I still think FTSE will test 4,000 soon, so hurry up Licence please, time running out ;o)
This Shower are nearly as bad as Block energy .. Then again another poor investment by Alistair.
I don’t think anyone switch on the board as you say, of course the Virus has changed everything but if my maths is correct they stated weeks and it been @7 weeks so another couple of weeks it classed as months not week, time is running out and they do not have a excuse for this really along with the name as they wanted to change it that’s all
exactly Chris, I get the Virus causing delays but with technology now days it easy to work from home & communicate, they must of had a plan going forward as they released that RNS on 2nd March stating they would give a update in afew weeks and also the Tans stake was in the shop window or something to that effect, we had no H1 update which we probably all know has been temporary mothballed due to the virus, I emailed them on both emails and Tweeted ok on the Tweets not that friendly but my thinking is if you say you doing your best for shareholders and say you going to update the market then they should be doing what exactly whats on the packet, I believe the clever investors are making a fortune out of this market turbulence so watch and be ready for your reward but I won`t sell either Solo & AEX as that is a risk to catch a falling knife when you got the like of Russia/Saudi Arabia & of course our ginger friend GLA and don`t panic ;o)
https://www.youtube.com/watch?v=nR0lOtdvqyg
Seems pointless when 5 mis research tells you solo have no oil assets. Much rather have a strategy update, what on earth are they doing every day or are they furloughed ?
Will probably bounce back to near zero but with the spread as it is there is little scope for profit.
Can't see why the bod can't just make a statement about our non-reliance on oil in the future or are we in as deep poo as it seems?
Stop loss hunt over for the day?
Solo just appears to be the whipping boy today. Nothing changed. Funny old game this fear and greed.
Around 6k of sells and 20% drop!
I had so much faith in this Bod but it's diminishing.
Chris it is totally crazy to think we still got that name on it maybe they havnt changed it as they are trading off it, should of sold it really instead of topping up on AEX last week, I think with this shutdown I’m going slightly more crazy ;o)
Could be correct CP but as you say gas and helium are our main assets. The company name does not help at all. Nice to know you are thinking of me in such hard times