Member Info for cperkin

The worst thing about that steve is a good proportion of that lined the pockets of the money men in the Aim system, those financing in the background, SOLO never spent £20 million on assets.

The New Bod have conducted their stocktake of the assets left to them by the Previous Bod last August. They have disposed of those that were not considered worthwhile or at least those that they actualy could return some value through sale and they are now working on diposal of the real dross left in the portfolio.
Long termers I am sure don't want to hear this reality and I fully understand it, they were sold to you as great options at the time no doubt. That is however about where the company is in the transformation process.

They have in doing so protected the primary and most valuable assets. The BOD are clearly prepared to play the long game as required and will focus on M&A activity whilst the Gas development project in Tanzania plays out and either a serious offer is made for Ruvuma or the licence is issued and the Farmout and EPS development completed.

The company is probably in the most cash rich position that it has ever been in and also has significant 2C recoverable resources whilst the SP is at the lowest ever.

The honeymoon for sure is over, but I support their strategy even if execution in Tanzania is as slow as it currently is.

Bring on the buns!

https://www.malcysblog.com/2019/03/oil-price-sdx-energy-solo-hurricane-and-finally/

"To read the announcement it looks like a lot of deals have already been looked at and whilst a fair few frogs may have been kissed none have yet turned into princes, having said that I wouldn’t put it past this team to have something very nearly oven ready…"

Thats one interpretation Frank, do nothing for 3 years and then magically produce 5000 barrels of oil per day, or maybe do you think they will do that a step at a time, for example the EPS at Ruvuma would provide 1875 of those barrels per day to solo with the initial 40 million scuffs?

https://www.proactiveinvestors.co.uk/companies/stocktube/12698/solo-oil-reveals-plans-to-acquire-its-way-to-5000-barrels-of-production-per-day-12698.html

Have a good one Crusty, avoid Paris and the Yellow vests and bring a jack hammer in case the concrete is laid before your return!

Good luck tejero

I expect it will indeed be worth a lot more than $20 million of credit post licence, post farmout & even more post C-1 drill myself.

I never mentioned cash Crusty, I am just saying the current offer on the table from the Zubairs amounts to $40 million for 50% and this is the benchmark so thus $20 million for 25%

The deal is for cash+ development (credit) & or revenue from production till the full $40 million is recovered.

+1 Crusty and to add, they have clearly already added significant value to the primary asset through the 2 well discovery and appraisal over Ntorya, so 1 & 2 ticked off with 763 Billion cubic feet 2C. Now will they sell all or part is the question, the floor is set at $20 million for the 25% as per the current JV offer.

Maybe more Arab investment and buyers is what is required to drive M&A demand

Tanzania, Qatar forge cooperation in investment on gas, mining and tourism

DAR ES SALAAM, March 21 (Xinhua) -- Tanzania and Qatar have pledged to build up cooperation in investments in gas, mining, tourism and infrastructure, the State House said on Thursday.

http://www.xinhuanet.com/english/2019-03/21/c_137913426.htm

(thanks to Gaslady)

A name change would not do any harm, especially since all the core assets are Gas and the name is SOLO OIL

I still think they should wait till post C-1 drill before selling any Ruvuma. First year production is set at a minimum of 40 Million scuffs per day which = about 7500 barrels of oil a day equivalent, Solo's 25% would = 1875 barrels per day.

Full field = 140million scuffs or 25,000 barrels per day (as per the GE/Baker Hughes development plan) so 6250 barrels of oil per day to solo.

Depends on the farmout completing and the $107 million investment by the Zubairs and what sol will sell and at which stage part or all and if this meets the 3 year 5000 barrels of oil production target?

Morning steve, I think they are saying the core assets are Ruvuma and KN-1 and they are selling everything else. No mention of Helium-1 though, is this still core?

The Board has made good progress against the key objectives outlined at the AGM in August 2018, with the focus on the monetisation of the Company's position in key assets, and notably the divestment of its interest in the Horse Hill development and of PEDL331 on the Isle of Wight both to UK Oil and Gas plc. This work has been conducted in parallel with the Board's ongoing efforts to achieve returns from our core projects: the Ruvuma and Kiliwani North assets.

https://www.investegate.co.uk/solo-oil-plc--solo-/rns/strategy-update/201903220700026453T/

Honeymoon is over IMO, I don't blame them for delays over Ntrorya and the licence delay, KN-1 and Helium-1 are another matter and the portfolio is in desperate need of some balance away from Tanzania.

Zubair main price is 1.3p of course, although they did support the minor placing last month.

Fair play Crusty, lets hope for a similar performance or better from here!

Blimey Crusty 8p! I thought I was in trouble with my first buy at around 2p just before the KN-1 GSA.

The bad news today is that the longstop has been pushed out a few months, the good news is that the longstop has been pushed out a few months or rather the Zubairs still want to complete the deal and bring the project to production and thus see a value and a decent return on their investment.

So do I

I am satisfied myself, the licences are real the independent CPR is real and from a reputable independent firm and having met one of the Board at the solo shareholders meeting I feel happy with my own research, no way am I happy with their Glacial pace and delivery though. They need to do a lot better if they want to float on the market and IPO.

DYOR

+1 EB and not forgetting Jon F joined a year ago in May with his £590,000 purchase @3.5p!

They changed ticker to WEN when they delisted in Norway and listed in the UK in the hope of generating some interest Tanzania.

Nothing cockety about that it's just true, onshore is cheaper than offhore, do you disagree?

anyway,thanks for the direct investment advice Mick, hope your qualified?