4 Oct 2013 07:00
For Immediate Release
4 October 2013
SOLO OIL PLC
("Solo")
Possible Sale of Interests in Ontario
Solo today announces that it has agreed in principle with Reef Resources Limited ("Reef") to sell its 28.56% holding in the SW Ontario properties acquired in 2011, with a target closing date of 31 December 2013.
Neil Ritson, Solo Executive Director, commented: "As we have previously indicated, we have been disappointed by the performance of the SW Ontario properties and the limited progress made with the field development this year. We feel that our shareholders will be better served by Solo reinvesting the proceeds of an eventual sale elsewhere."
Competent Person's Statement:
The information contained in this announcement has been reviewed and approved by Neil Ritson, Chief Executive Officer and Director for Solo Oil Plc who has 35 years of relevant experience in the oil industry. Mr. Ritson is a member of the Society of Petroleum Engineers, an Active Member of the American Association of Petroleum Geologists and is a Fellow of the Geological Society of London.
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
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 |