SOLO.L Regulatory News (SOLO)

14 October 2020

Solo Oil plc

("Solo" or the "Company")

Investment Facility Part Settlement and TVR

Solo (AIM: SOLO), soon to become Scirocco Energy, the AIM investing company targeting attractive production and development opportunities within the European energy market, announces that it has received a settlement notice from G.P. (Jersey) Limited ("GP Jersey"), which, as announced to shareholders on 6 October 2020, invested US$500,000 into Solo pursuant to the terms of the share subscription deed governing the investment facility referred to in that same announcement.

GP Jersey's investment was made as a prepayment for ordinary shares in the Company ("GP Jersey Shares"), the number (and price) of which were to be determined at the time GP Jersey elected to receive such GP Jersey Shares, according to the average of five daily volume-weighted average prices during the twenty trading days prior to the date of such election by GP Jersey.

Accordingly, the Company has issued and allotted 40,604,191 ordinary shares to GP Jersey at a price of £0.0094 per share in full and final settlement of amounts owing to GP Jersey. Application will be made for the 40,604,191 ordinary shares (the "Settlement Shares") to be admitted to trading on AIM with admission expected to take place on 20 October 2020 ("Admission"). The Settlement Shares will rank pari passu in all respects with all existing ordinary shares in the Company.

Following Admission, the Company's enlarged issued share capital will comprise 688,114,001 ordinary shares with voting rights. This figure of 688,114,001 ordinary shares may be used by shareholders in the Company as the denominator for the calculations by which they will determine if they are required to notify their interest in, or a change in their interest in, the share capital of the Company under the Disclosure Rules and Transparency Rules of the United Kingdom Financial Conduct Authority.

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This announcement is not for publication or distribution, directly or indirectly, in or into the United States of America. This announcement is not an offer of securities for sale into the United States. The securities referred to herein have not been and will not be registered under the U.S. Securities Act of 1933 (the "Securities Act"), or with any securities regulatory authority of any state or other jurisdiction of the United States. The securities may not be offered or sold in the United States, except pursuant to an applicable exemption from or in a transaction not subject to the registration requirements of the Securities Act and in compliance with any applicable securities laws of any state or other jurisdiction of the United States. No public offering of the securities is being made in the United States.