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Solo Oil raises fresh funds from institutional investor

Fri, 16th Sep 2016 12:56

(ShareCast News) - Solo Oil succeeded in raising £2.0m from an institutional investor.The explorer sold 1,111,111,111 new shares, which were equal to 15.9% of its issued share capital, at a price 0.18p, which were placed with Epsilon Pty.Proceeds from the placing would be used to fund its Ntorya-2 well in Tanzania and settle all outstanding amounts due to YA Global Master under an Equity Swap Agreement, which was now terminated.Neil Ritson, Solo's Chairman, commented: "The Company is now funded for its share of the estimated dry-hole costs for the upcoming high impact Ntorya-2 appraisal well in Ruvuma Basin, Tanzania. We look forward to further updates from the operator Aminex as we near the expected spud date during the fourth quarter of this time."As of 1537 BST shares in the outfit were falling by 6.12% to 0.23p giving the company a market capitalisation of £14.88m.
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24 Oct 2014 06:35

Oil explorers discover oil near London's Gatwick airport

LONDON, Oct 24 (Reuters) - A consortium of oil explorers, including Solo Oil and Magellan Petroleum, estimates there are up to 20 million barrels of oil at a new oil field near Gatwick airport, the group said on Friday. It said that based on other wells drilled in the area it was highly lik

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17 Oct 2014 14:47

David Lenigas Retires As Chairman From Solo Oil, Stellar Resources

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16 Oct 2014 11:03

Horse Hill-1 Well Drilled To Deeper Interim Depth Than Planned

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14 Oct 2014 14:22

Solo Oil acquires 6.7% stake in Kilwani north from Aminex

Subject to reaching a final agreement, Africa-focused oil explorer Solo Oil has announced that it will purchase 6.7% of the Kilwani north license (KNDL) in Tanzania, from a subsidiary of London-listed Aminex, for a total consideration of $3.5m in cash. From 13 October the firm has a 45-day window du

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14 Oct 2014 11:23

UK MIDDAY BRIEFING: Life's No Catwalk For Luxury Goods Makers

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14 Oct 2014 11:09

UK WINNERS & LOSERS: Miners Continue Run, Oil Companies Fall

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14 Oct 2014 06:56

Solo Oil, Aminex Strike Deal For Kiliwani North Licence In Tanzania

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6 Oct 2014 08:05

Solo Oil, Stellar Resources and Alba Mineral Resources strike oil in UK

Oil explorers Solo Oil, Alba Mineral Resources and Stellar Resources have struck oil at a site in southern England. The companies said their Horse Hill-1 drilling well encountered Portland Sandstone over the weekend, with oil shows at between 2,100 and 2,400 feet of measured depth. The sandstone dr

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6 Oct 2014 07:26

UK MORNING BRIEFING: Tesco Leads Opening Gains As It Bolsters Board

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6 Oct 2014 06:53

Horse-Hill Participants Find Signs Of Oil At Horse Hill-1 Well

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29 Sep 2014 15:36

Solo Oil Narrows Loss, Continues To Seek Investment Opportunities

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29 Sep 2014 11:46

Doriemus Upbeat Despite Swinging To Loss In First-Half

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29 Sep 2014 10:22

Horse Hill Participants Provide Update On Horse Hill-1 Drilling

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25 Sep 2014 10:29

Solo Oil Secures Debt Facility, Launches GBP2.3 Million Placing (ALLISS)

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25 Sep 2014 07:25

UK MORNING BRIEFING: Direct Line Leads Rising Market On Cash Return

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