SOLO.L Regulatory News (SOLO)

20 October 2020

Solo Oil plc

("Solo Oil") 

Helium One Update

Solo Oil (AIM: SOLO), shortly to be renamed Scirocco Energy, the AIM investing Company targeting attractive production and development opportunities within the European energy market, is pleased to provide an update on activities at Helium One Global Limited (He1), of which its holds 12.0 percent.

Helium One has received renewal offer letters for 12 of the 16 prospective licenses initially requested from the Tanzanian Authorities, with a further four awaiting a decision. In total, including the 12 renewals received, four pending and other active licenses, Helium One holds 4,512km2 of prospective licenses, with a further eight under application.

Following a study by the Independent consultant SRK Consulting Ltd ("SRK"), completed in October 2019, the resource at Rukwa has been estimated at an un-risked Prospective Helium P50 Resource of 138 billion cubic feet ("bcf") (Best Estimate), with outcomes ranging from 30 Bcf (1U) to 521 Bcf (3U). The study further notes a 2U Risked Prospective Resource of 14.0 Bcf. The prospective resource has been identified within 21 discrete prospects, with closures mapped at multiple stratigraphic levels.

This resource estimate, alongside the received license renewals, provides runway for Helium One to further explore and de-risk its prospect inventory through a drilling programme. The Company also continues to actively assess a listing on an international stock exchange in order to access capital to fund future activity.

Tom Reynolds, CEO at Solo Oil, comments: "Solo continues to maintain close dialogue with the Helium One team and are pleased to note the progress being made on multiple fronts, all of which bodes well for our legacy investment in this exciting opportunity. In particular, the license renewals point to progress above surface, and the initial resource estimates emphasise the potential scale of the sub-surface opportunity.

As the supply / demand imbalance for this important element continue to increase globally, Helium One remains well placed to generate a significant long-term return on our investment."

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