2 May 2018 07:00
FOR IMMEDIATE RELEASE, Embargoed until 7 am
2 May 2018
SOLO OIL PLC
("Solo" or the "Company")
Director Changes
Solo (AIM: SOLO), the natural resources investment company focused on acquiring and developing a diverse global non-operated portfolio of strategic oil and gas assets, today announces the appointment of Jon Fitzpatrick as a non-executive director of the Company.
Mr Fitzpatrick is a qualified corporate lawyer and petroleum economist and has worked for over 20 years in the investment banking and energy sectors. In 2016, Mr Fitzpatrick founded the Gneiss Energy advisory practice operating exclusively within the energy and resources sectors. Prior to this he was Senior Managing Director and Head of Natural Resources for Europe, Middle East and Africa at Macquarie Capital. He also serves as Senior Advisor to the Board of Rockrose Energy plc, an independent oil and gas and infrastructure company listed on the main market of the London Stock Exchange.
As anticipated in the Company's 18 December 2017 news release, Mr Fergus Jenkins has now resigned as a non-executive director with immediate effect.
Jon Fitzpatrick commented:
"I am delighted to be invited by the Solo Board to become a director at this exciting phase of the Company's development. With the major gas discovery in the Ruvuma Basin reaching sanction, testing due to start at Horse Hill and the ongoing development of a unique position in natural helium exploration; Solo has developed an exceptional portfolio and I hope to play an active part in monetising those assets, whilst helping to grow and expand the portfolio for the future".
Neil Ritson, Solo's Executive Chairman, commented:
"Jon brings new perspectives and an additional set of competencies to the Solo Board, with his extensive capital markets and deal structuring expertise, which complements the existing team. We are delighted to have Jon join the Board and look forward to his active support and guidance in the future."
The Solo Board is now composed of Neil Ritson; Executive Chairman, Dan Maling; Finance Director, Jon Fitzpatrick and Donald Strang; Non-executive Directors. Since Mr Fitzpatrick is not considered an independent director, and in view of the requirements for AIM companies to adopt a recognised governance code later this year, the Company currently has a process underway aimed at the appointment of at least one independent non-executive director over the coming months. It is additionally anticipated that Don Strang will retire as a director in the coming months once a new independent non-executive has been appointed.
In line with other directors of the Company Mr Fitzpatrick has also been granted 2,500,000 options over the Company's shares at a strike price of 7p. This compares to the latest closing price of 3.2p and the recent placing price of 3.5p.
Details of Directors' options and shares are as follow:
Name | Options | Ordinary shares | Total | % of issued capital |
N. Ritson | 5,200,000 | 4,650,000 | 9,750,000 | 2.122 |
D. Maling | 3,250,000 | - | 3,250,000 | 0.707 |
J. Fitzpatrick | 2,500,000 | 16,883,777 | 19,383,777 | 4.219 |
D. Strang | 2,000,000 | - | 2,000,000 | 0.435 |
The Company currently has in place an advisory mandate with Gneiss Energy who assisted in the recent share placement and is advising Solo, more generally, on an ongoing basis regarding a variety of strategic and corporate initiatives and, specifically, concerning the deal structuring of a sale or farm-out of the Ruvuma PSA in Tanzania.
Jonathan Scott McGlade Fitzpatrick, age 44, holds or has held directorships in the past five years preceding this appointment as follows:
Current directorships Past directorships
Gneiss Energy Limited Adrok Limited (resigned March 2017)
The Scottish Oil Club
He currently holds 16,883,777 ordinary shares in the capital of Solo Oil plc equating to approximately 3.67% of the Company's current issued share capital. Mr Fitzpatrick acquired his shareholding in Solo by subscription in the placement announced on the 27 February 2018.
No further information in connection with his appointment is required to be disclosed under Schedule Two, paragraph (g) (i) - (viii) of the AIM Rules for Companies.
For further information:
Solo Oil plc Neil Ritson / Dan Maling | +44 (0) 20 7440 0642 |
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Beaumont Cornish Limited Nominated Adviser Roland Cornish / Rosalind Abrahams | +44 (0) 20 7628 3396 |
Shore Capital Broker Jerry Keen
Buchanan (PR) Ben Romney / Chris Judd / Henry Wilson |
+44 (0) 20 7408 4090
+44 (0) 20 7466 5000 |
Notes to Editors:
Solo Oil plc
Solo is a natural resources investment company with a diverse portfolio of onshore assets, principally in Europe and Africa. The Company seeks to deliver returns through early stage investment in promising projects and uses management's own sector expertise to assist in strategic asset development. Solo's portfolio currently includes extensive interests in the prolific Ruvuma Basin in Tanzania, the Horse Hill oil discovery in the Weald Basin, Helium One Limited, the Tanzanian helium exploration company, and Kiliwani North, a natural gas producing project in Tanzania.
Jon Fitzpatrick
Mr Fitzpatrick is a qualified corporate lawyer, petroleum economist, investment banker and energy sector adviser. He began his career in 1994 as a research associate at the internationally renowned Centre for Energy, Petroleum, Mineral Law and Policy at the University of Dundee. Recruited to Arthur Andersen, Jon continued to expand his sector expertise, advising on upstream/downstream and services transactions. In late 2000, Jon joined Brewin Dolphin Investment Banking (now N+1 Singer) where he went on to lead both its Energy & Natural Resources and TMT businesses. From 2008 to 2014 he held senior posts at Cenkos Securities plc, including Head of Corporate Finance, Energy and Natural Resources. More recently, at Macquarie Capital, he was Senior Managing Director and Head of Natural Resources for Europe, Middle East and Africa, and also Co-Head of Equity Capital Markets, Europe. In 2016, Jon founded Gneiss Energy, a relationship-led advisory practice operating exclusively within the energy and resources sectors. Gneiss Energy specialises in transaction origination and in providing independent, strategic advice and project management support at board and senior management level.
Mr Fitzpatrick is an active member of various industry bodies and professional institutions, including the Law Society of Scotland, the Association of International Petroleum Negotiators, the ICAEW Corporate Finance Faculty, the Worshipful Company of International Bankers and the Petroleum Exploration Society of Great Britain. He was President of The Scottish Oil Club from 2013-2015 and has been a board director since 2008 and is also a Chartered Fellow of The Chartered Institute for Securities and Investments Institute and a Fellow of The Geological Society of London. He is a regular public speaker and has published papers and articles on a range of topics, including the deregulation of European energy markets, energy infrastructure, tariffs and third party access as well as analysis and commentary on the UKCS decommissioning regime and its challenges.
Jon holds an LL.B (Hons.) and Diploma in Legal Practice from the University of Dundee and an LL.M (Dist.) in Natural Resources Law (specialising in Petroleum Economics) from the Centre for Energy, Petroleum and Mineral Law and Policy.