Malcy comments......24 Jun 2020 12:55
Solo Oil
Solo has announced in a corporate update this morning that due to the COVID-19 virus it has applied for a delay in releasing its 2019 financial statements which has been granted. At the AGM, which will also be delayed the change of name to Scirocco Energy will be requested.
With regard to funding and liquidity the company is in a position of relative strength compared to certain peers in these unprecedented times with low fixed overheads and projects primarily focused on the development of large scale onshore gas developments in Tanzania ‘with no direct exposure to the oil price and strong localised pricing for gas in the region’.
Finally, in their own words, better than mine, ‘The Company has sufficient cash to support its operations in its current state to the end of Q1 2021 and remains funded for its share of the firm budget for its Tanzanian operations, capital programme and strategy. The Company can report unaudited 2019 year-end cash of £1,063,872, nil debt and an outstanding receivable position of £1,259,768. Further, after prudent management of payables over the last six months, the Company currently has no outstanding major creditors outside of the normal course of running the business’.