22 Jun 2012 11:37
For Immediate Release
22 June 2012
Solo Oil plc
('Solo' or 'the Company')
Issue of Equity and TVR
Solo today announces that it has accessed £128,000 from the three year £10 million Equity Line Facility with Dutchess Opportunity Cayman Fund Ltd to continue funding the developments and current flow testing programme at the Ntorya-1 discovery well in Tanzania. Solo holds a 25% working interest in the Ruvuma PSA.
Neil Ritson, Solo Chief Executive Director, commented;
"The Solo Board is extremely pleased that testing is now underway at Ntorya-1, which confirms our confidence in this discovery and in the potential of the wider Ruvuma PSA. We look forward to announcing flow rates in the coming week."
Solo has issued and allotted 30,288,648 new Ordinary Shares of 0.01 p each at a price of 0.424p pursuant to the drawdown. An Application will be made for the new ordinary shares to be admitted to trading on the AIM Market. The new ordinary shares will rank pari passu with the existing ordinary shares in the Company and trading of these shares on AIM is expected to commence on the 28 June 2012.
Following Admission, the Company's issued share capital will consist of 2,620,833,356 Ordinary Shares with a nominal value of 0.01p each, with voting rights ("Ordinary Shares"), and 265,324,634 deferred shares of 0.69p each. The deferred shares are non-voting, are not admitted to trading on AIM and are not entitled to any participation in the profits or the assets of the Company. The Company does not hold any Ordinary Shares in Treasury. Therefore the total number of Ordinary Shares in the Company with voting rights is 2,620,833,356.
The above figure of 2,620,833,356 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 to their interest in, the share capital of the Company under the Financial Service Authority's Disclosure and Transparency Rules.
For further information:
Solo Oil plc David Lenigas Neil Ritson | +44 (0) 20 7440 0642 |
Beaumont Cornish Limited Nominated Adviser and Joint Broker Roland Cornish | +44 (0) 20 7628 3396 |
Old Park Lane Capital Plc Joint Broker Michael Parnes Luca Tenuta
Shore Capital Joint Broker Pascal Keane Jerry Keen (Corporate Broker)
Pelham Bell Pottinger Public Relations Mark Antelme Henry Lerwill
| +44(0) 20 7493 8188
+44 (0) 20 7408 4090
+44 (0) 20 7861 3232 |